'Asset managers continue to add fuel to the fire by buying the bonds from the worst fossil fuel polluters,' said one campaigner.
, the Sunrise Project, and Urgewald finds that BlackRock and Vanguard had the largest total bond and equity holdings in fossil fuel developers as of the beginning of 2023, respectively controlling $179.5 billion and $170.3 billion.
"For fossil fuel expansion to stop and production to start decreasing, the financing behind it must stop," the report states. "And as a significant proportion of this financing comes from bonds, asset managers' role in this financing is clear." "Asset managers continue to add fuel to the fire by buying the bonds from the worst fossil fuel polluters," Lara Cuvelier, sustainable investment campaigner at Reclaim Finance, said in a"They should listen to the science and sanction companies that refuse to stop their devastating fossil fuel expansion plans," Cuvelier argued. "It is time for asset managers' clients to challenge them on this issue and ask them to put in place robust policies to stop this scourge.
Engage with portfolio companies to clearly communicate that they must cancel any plans to develop new oil and gas upstream and midstream projects by a predefined time frame and adopt 2030 oil and gas production reduction targets aligned with a 1.5°C scenario.
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