This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
BlackRock manages approximately $400 billion in fossil fuel securities, making it the second-largest institutional fossil fuel investor globally (behind Vanguard). This includes $109 billion in the coal sector and $34 billion in companies developing new coal projects. In Q1 2025, BlackRock invested $3 billion in fossil fuel companies through funds labeled "sustainable." ClientEarth filed a greenwashing complaint with France's AMF (October 2024) targeting 18 BlackRock funds; BlackRock subsequently renamed 17 of 18, dropping "sustainable" from their names. BlackRock withdrew from the Net Zero Asset Managers initiative on January 9, 2025. Proxy voting support for environmental/social proposals collapsed from >40% (2021) to <2% (2025).
Research Sources
5 organizations
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.