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Blackrock rejects call for Australia’s CBA to stop fossil fuel funding

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SYDNEY, Oct 14 (Reuters) – BlackRock Inc (BLK.N), the world’s largest cash supervisor, voted in opposition to a decision calling for Commonwealth Bank of Australia (CBA) (CBA.AX) to stop financing new fossil fuel tasks, it stated late on Wednesday.

CBA’s largest shareholder stated it opposed the decision, which additionally requested the financial institution to publish targets to lower its fossil fuel exposures in keeping with web zero greenhouse gasoline emissions by 2050, as a result of it was overly prescriptive. learn extra

“(It) risks unduly constraining management’s ability to make business decisions,” BlackRock stated in an announcement on its web site.

“Further, the company has demonstrated its commitment to integrating climate risks into its long-term strategy, including Task Force on Climate-related Financial Disclosures (TCFD)-aligned reporting since 2018 and a stated goal of net zero emissions by 2050.”

The lack of help for the decision was an ideal instance of an asset supervisor failing to live up to its personal web zero commitments, stated Jack Bertolus of activist group Market Forces, which helped traders organise the decision.

BlackRock accounts for a big a part of the $32 trillion of complete belongings supporting teams which have declared commitments to restrict greenhouse gasoline emissions to web zero by 2050, together with the Institutional Investors Group on Climate Change in Europe and the United Nations-backed Principles for Responsible Investment. learn extra

The decision, backed by simply 14% of voting shareholders of Australia’s largest lender at an annual assembly on Wednesday, comes forward of the United Nations’ COP26 local weather talks in Glasgow later this month, when Australia will probably be underneath strain to cut back its carbon emissions.

Reporting by Paulina Duran in Sydney
Editing by Mark Potter

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