BLACKROCK DOUBLETALK - AFTER WARNING INVESTORS AGAINST FOSSIL, INVESTMENT FIRM BETS ON E. EUR. COAL

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13 october 2016

[4C Note: see our posting of 6 September, "GIANT ASSET MANAGER BLACKROCK WARNS INVESTORS TO FACTOR IN CLIMATE CHANGE, WANTS HIGHER CARBON PRICE"]

UK’s dirtiest funds revealed

New ranking shows how exposed investment products are to polluting industries

by: Attracta Mooney, Financial Times, October 13, 2016

A BlackRock fund that invests in eastern Europe and Asia has been named as the UK’s dirtiest fund in the first ever ranking to show how exposed investment products are to polluting industries.

BlackRock’s Emerging Europe fund, which oversees assets of $129m, has a carbon footprint 176 times greater than the UK’s cleanest fund, Royal London’s Sustainable World Trust. Its carbon footprint was also 10 times bigger than that of the MSCI Emerging Markets index.

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BlackRock, which last month issued a report warning that climate change was a big investment risk, defended the high carbon footprint of its Emerging Europe fund, saying its investable universe was heavily concentrated in carbon-intensive industries.

A spokesperson added: “We believe that investors can no longer ignore climate change. We are at the start of a long-term educational journey for both ourselves and the market about carbon risk in portfolios.”

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