Ginny Roscamp, Senior Press Secretary, Federal Communications, Sierra Club, ginny.roscamp@sierraclub.org
NEW YORK — The Sierra Club applauds the news announced today by the Sierra Club Foundation, that in an effort to safeguard its assets, the foundation is leaving BlackRock/Aperio as an asset manager and moving funds to Nia Impact Capital and Xponance. This move follows over three years of active engagement with BlackRock by the Sierra Club Foundation, after sending the firm a letter in May 2022 placing it “on watch” for not meeting the expectations of the Foundation as a client. Read more in this Reuters article.
“The Sierra Club Foundation is setting a strong example for other institutional investors by better aligning its assets with its mission and fiduciary responsibility in the face of mounting systemic risks,” said Ben Cushing, Director of the Sierra Club's Sustainable Finance campaign. “By moving funds to more responsible asset managers that are proactively addressing the profound financial risks of the climate crisis, the Sierra Club Foundation is leading by example, and taking steps to ensure its investments are managed responsibly and sustainably to support the mission of the organization for the long term.”
According to a press release from the Sierra Club Foundation, their decision to switch asset managers follows refusal by BlackRock to address the systemic financial implications of the climate crisis in its investment and stewardship decisions. BlackRock continues to promote a dangerous all-of-the-above energy strategy that is accelerating the climate crisis and putting its clients’ investments at risk.
BlackRock recently cut its support for shareholder proposals linked to environmental and social issues to a new low of 4.1%, and in January, they announced they would leave the Net Zero Asset Managers Initiative (NZAMI). Additionally, Sierra Club Foundation was informed recently that BlackRock has made significant changes to the climate and decarbonization guidelines that were developed in July 2024 in consultation with stakeholders. BlackRock’s page on value-aligned investing currently goes to a broken link.
About the Sierra Club
The Sierra Club is America’s largest and most influential grassroots environmental organization, with millions of members and supporters. In addition to protecting every person's right to get outdoors and access the healing power of nature, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.