Tag: GPIF

Vanguard has been accused of being the “largest institutional investor in the coal industry” in a report by 29 NGOs including Urgewald, Reclaim Finance and Rainforest Action Network. The study analysed financial flows to 934 companies in the thermal coal value chain, finding that, in January 2021, 4,488 institutional investors held more than $1trn in such companies, combined. Vanguard allegedly had more than $86bn in the industry, with BlackRock coming in second with $84bn. Altogether, US investors hold 58% of investments in global coal, the NGOs say, followed by Japanese investors. Japan’s Government Pension Investment Fund was accused of having $29bn in shares and bonds in the 934 companies analysed. UK investors were also namechecked in the report for their high exposure, at $47bn collectively. The study found that commercial banks were also providing more money to the coal industry in 2021 than in 2016. Of the 381 banks lending $315…