ESG & Investing
BlackRock, Vanguard Tell UK They Won’t Phase Out Fossil Fuel
- Firms are among over 30 to have replied to UK inquiry
- UK is figuring out how to meet its own net-zero pledges
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Some of the world’s biggest financial firms including BlackRock Inc. and Vanguard Group Inc. have told the UK they have no plans to halt the financing of new fossil-fuel supplies, in response to a list of questions sent by British lawmakers tasked with figuring out how the country can meet its own net-zero obligations.
The inquiry is being led by the Environmental Audit Committee of the House of Commons. Britain, which was successfully sued by a group of climate activists earlier this year for putting forward an unclear net-zero plan, has asked firms to explain how they’re incorporating science-based requirements to phase out and ultimately halt the financing of new fossil-fuel supply, according to a statement published on Tuesday.