BlackRock sustainability score: 40/100

BlackRock reports Scope 1 (6,689 tCO₂e) and Scope 2 market-based (1,568 tCO₂e) for FY2023 with multi-year tracking from 2019. GHG Protocol-aligned, third-party reviewed. However, Scope 1 emissions have risen 39% since 2018, undermining claims of progress.

BlackRock reports upstream Scope 3 across 8 of 15 categories (332,012 tCO₂e in 2023). Critically, it explicitly excludes Scope 3 Category 15 (financed emissions)—the largest impact channel for an asset manager with $11.6T AUM—from its GHG report, addressing it separately without reduction targets.

Operational Scope 1 emissions increased 4.5% year-over-year and 39% since 2018. Total operational GHG rose 8.15% FY2022–2023. Science-aligned goals (67% Scope 1&2 by 2030) are noted 'currently under review.' Financed emissions trajectory is untracked and untargeted.

BlackRock claims 100% renewable electricity match globally through Energy Attribute Certificates rather than PPAs or on-site generation. Not a RE100 member. Reliance on unbundled EACs avoids additionality-driving procurement. Residual market-based Scope 2 emissions remain.

BlackRock participated in TNFD taskforce and publishes engagement commentary on natural capital. Rainforest Action Network identifies it as 'the world's largest investor in deforestation.' No quantified nature footprint, no deforestation-free portfolio targets, no measurable stewardship outcomes disclosed.

As a financial services firm, BlackRock's direct material footprint is office and data center operations. New headquarters cites sustainability features. No waste metrics, circular economy targets, or hardware lifecycle management data disclosed. Supplier Sustainability Program covers 58% of emissions by spend but lacks measurable circularity commitments.

BlackRock publishes no operational water consumption data. Direct water impact is low for a financial services firm. Water is identified as an engagement theme for investee companies, but no operational footprint, reduction targets, or financed water impact assessment exists.

Operational goals (67% Scope 1&2 by 2030, 40% business travel by 2030) are self-set, not SBTi-validated, and 'under review.' No financed emissions targets. BlackRock exited Net Zero Asset Managers in January 2025. No disclosed carbon credit quality standards.

BlackRock publishes GHG reports (Deloitte-reviewed), SASB/TCFD-aligned climate reporting, and stewardship disclosures. Board-level oversight exists. However, financed emissions excluded from core GHG report, targets noted 'under review,' 2025 annual letter removed all sustainability references, and NZAM exit signals retreat.

ClientEarth filed greenwashing complaint with French AMF (Oct 2024) for mislabeling fossil-fuel-containing funds as 'sustainable'; Mississippi and Tennessee pursued enforcement. InfluenceMap rates BlackRock D+ (54%) on sustainable finance policy. Support for environmental/social shareholder proposals fell from 40%+ (2021) to <2% (2025).