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BlackRock Joins Citi to Study Plan to Shut Coal Plants Early

  • Asian Development Bank, Prudential, HSBC developing proposal
  • Fundraising to begin at global climate conference in November
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BlackRock Inc. and other major financial institutions are working on plans to accelerate the closure of coal-fired power plants in Asia in a bid to phase out the use of the worst man-made contributors to climate change.

The world’s biggest asset manager is partnering with Citigroup Inc., HSBC Holdings Plc and the Asian Development Bank to study the proposals, according to people familiar with the matter, who asked not to be named discussing a private matter. BlackRock is assessing the plans through its real assets unit, one of the people said.