SAVE tropical rainforests from BlackRock-funded destruction by 11:59pm TONIGHT!

Giant investment firm BlackRock puts MASSIVE AMOUNTS of MONEY into companies that wreak terror in some of the world’s last great rainforests. These greedy corporations DECIMATE precious habitats to make junk food and cosmetics. We’re losing rainforests fast -- and with each second that passes BlackRock funnels more money to deforestation.

BlackRock wields $10 TRILLION in assets. It could use that influence for good instead of funding human rights abuses and ecosystem collapse. But BlackRock won’t stop funding deforestation without your action.

Comments

Dear Michelle Edkins,

These are challenging and confusing times for ESG, and BlackRock is right at the center of these challenges. On the one hand, your firm has positioned itself as a leader in advancing a “social purpose” and recognizing that climate risk is investment risk. On the other hand, while BlackRock has demonstrated increased stewardship around the issue of deforestation, this increased stewardship has not resulted in decreased exposure to risk, or to resolving the root issues. In fact, BlackRock has INCREASED its holdings in forest-risk commodities while the problems continue largely unabated.

Let’s take the example of Indonesia’s second-largest palm oil company, Astra Agro Lestari (AAL), and its owner, Astra International. As The Financial Times has reported, BlackRock is the third largest shareholder in Astra International and holds shares in AAL as well. (“BlackRock accused of ESG inconsistency over Indonesia palm oil,” FT, May 2021.) You are aware of the case.

In October 2022, six major multinationals – Danone, Hershey, P&G, Colgate Palmolive, L’Oreal, and Nestle – suspended business with AAL due to its human rights abuses. Sustainalytics dropped AAL’s rating to “Severe Risk.” The Indonesian Ministry of the Environment has pressed AAL for answers. AAL continues to deny any wrongdoing. The communities impacted by AAL continue to fight for their land.

So where is BlackRock here? Where does a rating of severe risk from a firm like Sustainalytics fit in your ESG approach? Will you continue to engage with Astra International and push them to change their ways? Will you remove them from your portfolios?

Perhaps if BlackRock had a clear threshold for exclusion, based on human rights and environmental criteria, the course of action would be clear.

Don’t you think it's time BlackRock developed a policy to categorically address human rights, Indigenous Peoples’ rights and deforestation risk in your portfolios?

In the palm oil sector, Astra International is known as a rogue actor which has consistently failed to clean up its act. BlackRock should, categorically and publicly, exclude AAL from your portfolios. But it’s a bigger problem than just one company. BlackRock should create and market deforestation-free funds as a default option for your clients. You should vote for shareholder resolutions to protect forests and human rights and vote out corporate board members who lag on climate. And you should put these and other actions into an investment policy statement to make your priorities clear and to lead the way for your peers.

Leading responsible investment firms are developing comprehensive policies to address deforestation risk, and BlackRock should do the same.

Thank you.
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