Oil Companies: Exxon Mobil and Fund Manager

oil companies: The report found that Black Rock's multibillion-dollar investments in the world's largest oil companies including Exxon Mobil, Chevron, Shell and BP were responsible for the bulk of its losses, according to The Guardian. The fund manager was also stung by the collapse of big US fossil fuel companies, including General Electric, and the coal mining company Peabody. A report from the Institute for Energy Economics and Financial Analysis IEEFA has found that Black Rock has eroded the value of its 6.5tn funds by betting on oil companies that were falling in value and by missing out on growth in clean energy investments. Black Rock 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. Its combined funds are larger than the economy of Japan, the third largest economy in the world, making it the single largest investor in the global coal industry and one of the top three investors in most big oil companies. Tim Buckley, a director at IEEFA and co-author of the report, said Black Rock's enormous financial heft meant it should take responsibility for leading on the climate emergency. (news.financializer.com). As reported in the news.