Save our rainforests and protect our planet from corporate deforestation!

BlackRock’s investments support companies that HARASS, INTIMIDATE, CRIMINALIZE, and VIOLENTLY EXPEL INDIGENOUS PEOPLES from their land, turning ecosystems stewarded by local communities first into wastelands of stumps and then into vast industrial plantations of palm oil to make junk food and cosmetics.

Agribusiness is the world’s leading cause of deforestation and the violent land conflicts that come with it -- and BlackRock is financing some of the worst companies out there.

We’re losing rainforests fast. With each second that passes, BlackRock funnels more money into deforestation. It’s up to environmentalists like you to demand NO MORE HUMAN RIGHTS ABUSES OR DEFORESTATION! Take action now! >>

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, the opposite is true – BlackRock has INCREASED its holdings in forest-risk commodities.

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 Agro Lestari is known as a rogue actor that has consistently failed to clean up its act. BlackRock should categorically and publicly exclude AAL from its 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.

Sincerely,
{user_data~First name} {user_data~Last name}
{user_data~City}, {user_data~State} {user_data~Postcode}

First name

Last name

Email address

Zip Code

Cell phone number (optional)

Alerts about ways you can take action

Friends of the Earth Action Activists

By submitting this form, you are signing up to receive updates and alerts from Friends of the Earth and Friends of the Earth (Action), Inc. You may unsubscribe at any time.

By providing your mobile number and submitting this form, you are signing up to receive text messages from Friends of the Earth and Friends of the Earth (Action), Inc. to fight for a more healthy and just world. Recurring messages. Msg & data rates may apply. Text STOP to 30373 to stop receiving messages. Text HELP to 30373 for more information. Terms & Conditions and Friends of the Earth's Privacy Policy/Friends of the Earth (Action), Inc.'s Privacy Policy