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. “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. “BlackRock has failed to prevent its investments from endangering entire peoples’ way of life,” he said in a statement. More broadly, major US financial institutions have been accused of watering down public commitments on the climate and nature crises. Last month, Client Earth filed a complaint in France alleging BlackRock greenwashed investments in fossil fuel companies through “sustainable” funds.

Source: The Guardian November 21, 2024 06:27 UTC