BlackRock stake in US coal giant shrinks amid climate vow
Even before publicly vowing to unwind its investments in coal, BlackRock began cutting its stake in the biggest US miner.
The world’s largest asset manager had about 4.87-million shares of Peabody Energy as of December 31, a 5% stake, according to a regulatory filing Friday. That’s down 14% from the end of January 2019, making it the miner’s sixth-largest holder, according to data compiled by Bloomberg.
BlackRock announced last month that it would put climate change at the heart of its strategy, a plan that includes exiting both debt and equity investments in thermal coal companies in its $1.8-trillion active portfolios. Financial companies around the world are facing increasing pressure to back away from the dirtiest fossil fuel to help fight global warming.