Out of favour sector, page-5

From The Guardian

BlackRock lost $90bn investing in fossil fuel companies, report finds
World’s biggest fund urged to invest in clean energy for good of the climate and its investors
Jillian Ambrose
Wed 31 Jul 2019 23.00 BSTLast modified on Wed 31 Jul 2019 23.43 BST

BlackRock, the world’s biggest investor, has lost an estimated $90bn over the last decade by ignoring the serious financial risk of investing in fossil fuel companies, according to economists.
A report from the Institute for Energy Economics and Financial Analysis (IEEFA) has found that BlackRock has eroded the value of the $6.5tn fund by betting on oil companies that were falling in value and by missing out on growth in clean energy investments.
The report found that BlackRock’s multi-billion dollar investments in the world’s largest oil companies – including ExxonMobil, Chevron, Shell and BP– were responsible for the bulk of its losses.
The fund was also stung by the collapse of big US fossil fuel companies, including General Electric, and the coal mining company Peabody.
BlackRock faces growing pressure to divest from fossil fuels by investors and environmental groups, which have accused the asset manager of dragging its feet on the climate crisis.