BlackRock, CalPERS and CalSTRS: time to get serious on coal

Reclaim Finance criticizes BlackRock, CalPERS, and CalSTRS for maintaining 'feeble' coal policies that allow continued investment in coal expansion. The statement highlights loopholes in exclusion thresholds and the failure to apply policies to passive investments or the coal power sector, urging these institutions to divest from coal developers.

• BlackRock's coal policy is described as inadequate because its 25% exclusion threshold applies only to the coal mining sector, not coal power, and excludes less than 20% of companies on the Global Coal Exit List. Furthermore, the policy applies only to active investments, covering less than one-third of BlackRock's $7 trillion in assets.
• As of September 2019, BlackRock had invested $17.6 billion in 86 coal plant developers and lacks a phase-out strategy to exit the sector by 2030 in the OECD and 2040 worldwide.
• CalPERS utilizes a 50% exclusion threshold that only covers the coal mining sector, ignoring the coal power sector. Since 2017, the fund has increased its coal exposure, with $6.5 billion invested in companies across the coal value chain that do not meet the mining exclusion threshold.
• CalPERS continues to support companies expanding coal operations in South Africa, Indonesia, Mongolia, Australia, and China, including Exxaro, Banpu, and Adaro, and holds shares or bonds in 59 other coal developers such as China Energy, Vale, and Mitsubishi.
• CalSTRS has invested $666 million in 52 coal plant developers based on data from September 2019, while maintaining a strategy of engagement with fossil fuel companies.

APA

admin (2020). BlackRock, CalPERS and CalSTRS: time to get serious on coal. Reclaim Finance. https://reclaimfinance.org/site/en/2020/09/24/blackrockcalpers-and-calstrs-time-to-get-serious-on-coal/

Chicago

admin. BlackRock, CalPERS and CalSTRS: time to get serious on coal. Reclaim Finance, 2020. https://reclaimfinance.org/site/en/2020/09/24/blackrockcalpers-and-calstrs-time-to-get-serious-on-coal/.

Wikipedia

{{cite press release |last1=admin |title=BlackRock, CalPERS and CalSTRS: time to get serious on coal |publisher=Reclaim Finance |date=24 September 2020 |url=https://reclaimfinance.org/site/en/2020/09/24/blackrockcalpers-and-calstrs-time-to-get-serious-on-coal/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{admin2020blackrock, author = {admin}, title = {{BlackRock, CalPERS and CalSTRS: time to get serious on coal}}, publisher = {Reclaim Finance}, year = {2020}, month = sep, url = {https://reclaimfinance.org/site/en/2020/09/24/blackrockcalpers-and-calstrs-time-to-get-serious-on-coal/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }