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Liam Denning

A New Climate Report Challenges Exxon and BlackRock

The IEA spent 50 years calling for new oil and gas fields. It just laid out a thesis for not doing that anymore.

BlackRock CEO Larry Fink.

BlackRock CEO Larry Fink.

Photographer: Bloomberg/Bloomberg

It’s a coincidence that the International Energy Agency released its net-zero roadmap barely a week before a proxy showdown at Exxon Mobil Corp.’s annual meeting. Nonetheless, the report throws down a gauntlet not just to Exxon but also its largest shareholders, BlackRock Inc. in particular.

The single most important line in the IEA’s 200-plus-page report is this one: