SIGN THE PETITION: Demand that BlackRock STOPS financing deforestation and abusive land grabbing companies!

Deforestation and land grabbing is absolutely DECIMATING the last of the world’s great rainforests. Indigenous Peoples are being violently expelled from their land. Tropical wildlife is suffering critical habitat loss.

Beautiful treescapes, once thriving with biodiversity and vibrance, are being SLASHED DOWN into a wasteland of stumps, then turned into vast industrial plantations of palm oil all to serve corporate greed of companies who want to make junk food and cosmetics.

All living beings who call the rainforest home are suffering devastating consequences and harassment by the companies who are unapologetically profiting off of this environmental injustice.

We cannot let BlackRock continue financing this abusive exploitation and horrific destruction of our rainforests -- so we urgently need 4,198 more signatures to join our coalition of environmentalists who will fight back. TAKE ACTION NOW! >>

Comments

Dear Michelle Edkins,

These are challenging and confusing times for ESG, and BlackRock is right at the center of these challenges. On the one hand, your firm has positioned itself as a leader in advancing a “social purpose” and recognizing that climate risk is investment risk. On the other hand, while BlackRock has demonstrated increased stewardship around the issue of deforestation, this increased stewardship has not resulted in decreased exposure to risk or to resolving the root issues. In fact, the opposite is true – BlackRock has INCREASED its holdings in forest-risk commodities.

Let’s take the example of Indonesia’s second-largest palm oil company, Astra Agro Lestari (AAL), and its owner, Astra International. As The Financial Times has reported, BlackRock is the third-largest shareholder in Astra International and holds shares in AAL as well. (“BlackRock accused of ESG inconsistency over Indonesia palm oil,” FT, May 2021.) You are aware of the case.

In October 2022, six major multinationals – Danone, Hershey, P&G, Colgate Palmolive, L’Oreal, and Nestle – suspended business with AAL due to its human rights abuses. Sustainalytics dropped AAL’s rating to “Severe Risk.” The Indonesian Ministry of the Environment has pressed AAL for answers. AAL continues to deny any wrongdoing. The communities impacted by AAL continue to fight for their land.

So, where is BlackRock here? Where does a rating of severe risk from a firm like Sustainalytics fit in your ESG approach? Will you continue to engage with Astra International and push them to change their ways? Will you remove them from your portfolios?

Perhaps if BlackRock had a clear threshold for exclusion based on human rights and environmental criteria, the course of action would be clear.

Don’t you think it's time BlackRock developed a policy to categorically address human rights, Indigenous Peoples’ rights, and deforestation risk in your portfolios?

In the palm oil sector, Astra Agro Lestari is known as a rogue actor that has consistently failed to clean up its act. BlackRock should categorically and publicly exclude AAL from its portfolios. But it’s a bigger problem than just one company. BlackRock should create and market deforestation-free funds as a default option for your clients. You should vote for shareholder resolutions to protect forests and human rights and vote out corporate board members who lag on climate. And you should put these and other actions into an investment policy statement to make your priorities clear and to lead the way for your peers.

Leading responsible investment firms are developing comprehensive policies to address deforestation risk, and BlackRock should do the same.

Sincerely, 
{user_data~First name} {user_data~Last name}
{user_data~City}, {user_data~State} {user_data~Postcode}

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