Commonwealth Bank of Australia will continue to fund fossil fuels
Blackrock, largest CBA shareholder, rejects request for termination

BlackRock Inc. (NYSE: BLK), the world's largest asset manager, has voted against a resolution calling on the Commonwealth Bank of Australia (OTC: CMWAY) (CBA) to stop funding new fossil fuel projects, such as she announced late Wednesday evening.
The largest shareholder in the CBA spoke out against the resolution, which also called on the bank to publish targets for reducing its exposure to fossil fuels that are compatible with net zero greenhouse gas emissions by 2050, since they are due is prescriptive.
"There is a risk that management's ability to make business decisions will be unduly limited," BlackRock said in a statement on its website.
"In addition, the company has demonstrated its commitment to integrating climate risk into its long-term strategy, including reporting to the Task Force on Climate-related Financial Disclosures (TCFD) since 2018 and a stated goal of net zero emissions by 2050. "
The lack of support for the resolution is a perfect example of an asset manager failing to meet their own net-zero obligations, said Jack Bertolus of the Market Forces activist group, which helped investors organize the resolution.
BlackRock accounts for a large portion of the total $ 32 trillion asset that supports groups committed to net zero greenhouse gas emissions by 2050, including the Institutional Investors Group on Climate Change in Europe and the United Nations supported Principles for Responsible Investment.
The resolution, which was backed by just 14% of the voting shareholders of Australia's largest lender at an annual meeting on Wednesday, comes in the lead up to the United Nations COP26 climate talks in Glasgow later this month, when Australia will be under pressure on its carbon emissions to reduce.





