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  "documentTitle": "BlackRock (BLK)",
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  "authorName": "Giuseppe Bivona and Marco Taricco",
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  "presentationDate": "2024-04-09 00:00:00",
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  "notes": "The slide uses a direct quote from BlackRock's 2020 letter to contrast with current data.",
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      "text": "As of today(3), BlackRock is still a leading shareholder of thermal coal companies Glencore Plc, Thungela Resources Ltd, Exxaro, Peabody and Whitehaven",
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      "text": "Exiting Thermal Coal Producers - Thermal coal is significantly carbon intensive... we are in the process of removing from our discretionary active investment portfolios the public securities... of companies that generate more than 25% of their revenues from thermal coal production",
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      "text": "Exiting Thermal Coal Producers - Thermal coal is significantly carbon intensive, becoming less and less economically viable, and highly exposed to regulation because of its environmental impacts. With the acceleration of the global energy transition, we do not believe that the long-term economic or investment rationale justifies continued investment in this sector. As a result, we are in the process of removing from our discretionary active investment portfolios the public securities (both debt and equity) of companies that generate more than 25% of their revenues from thermal coal production, which we aim to accomplish by the middle of 2020 — BlackRock, Sustainability as BlackRock's New Standard for Investing, 2020 Letter to Clients.",
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      "text": "1. https://www.blackrock.com/corporate/investor-relations/2020-blackrock-client-letter\n2. Source: company filings for FY 2023\n3. Source: Bloomberg data as of March 19, 2024",
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      "text": "Table showing BlackRock portfolio companies, their thermal coal revenue %, and BlackRock's shareholding % and ranking.",
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      "text": "BlackRock's contradictory position on thermal coal (continued)",
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