<
https://www.theguardian.com/environment/2024/nov/20/blackrock-climate-human-rights>
"BlackRock, the world’s biggest asset management company, faces a complaint at
the Organization for Economic Co-operation and Development (OECD) for allegedly
contributing to environmental and human rights abuses around the world through
its investments in agribusiness.
Friends of the Earth US and the Articulation of Indigenous Peoples of Brazil
accuse BlackRock of increasing investments in companies that have been
implicated in the devastation of the Amazon and other major forests despite
warnings that this is destabilising the global climate, damaging ecosystems and
violating the rights of traditional communities.
The complaint, revealed exclusively to the
Guardian, was filed under the OECD
Guidelines for Multinational Enterprises, which are recommendations from
governments to private companies on responsible business conduct. In the
absence of legally binding international regulations, these are seen as a
reference for corporate accountability.
The influence of BlackRock is enormous. It manages more than $11tn in assets,
more than the combined government spending of the world’s 10 wealthiest
countries. Although investment decisions are the responsibility of its clients,
this giant financial institution provides advice and facilitates investments.
Two thirds of the assets BlackRock manages on behalf of clients relate to
retirement. Highlighting the forward-looking nature of these pension funds, the
company website notes: “BlackRock’s mission is to create a better financial
future for our clients, by building the most respected investment and risk
manager in the world.”
That claim is countered by the new complaint, which states that pension funds
and other assets managed by BlackRock are threatening a stable future because
they provide capital for companies responsible for deforestation of tropical
rainforests, which adds to global climate disruption.
“We hope this complaint prompts BlackRock to fulfill its obligations under
international frameworks and steer investment away from agribusinesses driving
climate chaos and gross human rights abuses,” said Gaurav Madan, senior forest
and land rights campaigner at Friends of the Earth US."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
