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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