Call for world’s largest asset manager to divest from biomass power

Environmental groups are calling on the world’s largest asset management firm to divest from biomass power.

The demand that BlackRock pulls investments in Drax, owner of the world’s largest biomass power station, follows a decision by the multinational financial company to remove firms which make 25% of their revenue from coal from its actively managed portfolios. 

A coalition of 32 green NGOs, including Biofuelwatch, Fern and Friends of the Earth France, said in an open letter to BlackRock that while its move against coal investments were a “modest though laudable step” it “would make sense” to follow with a “similar withdrawal from biomass investments”. 

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