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BlackRock launches fund to bet on sustainability

  • BlackRock (BLK -1.6%), which has come under fire for being the biggest investor in fossil fuels, is launching an actively managed fund with the Ellen MacArthur Foundation charity that invests in sustainability-focused business.
  • Though it's been criticized for its investments in fossil fuels, especially coal, much of that is through passive, index-linked investments, which accounts for ~90% of its equity assets.
  • BlackRock also says it's the biggest investor in renewable energy.
  • The new fund started on Oct. 2 is tiny compared with BlackRock's $6.84T in assets under management -- it has $20M of seed capital spread out among 30-50 companies. Among the companies are: Adidas (OTCQX:ADDYY -0.8%)(OTCQX:ADDDF -0.3%), which is committed to using recycled plastic; Tomra (OTCPK:TMRAY)(OTCPK:TMRAF -7.4%), which makes "reverse vending machines" that allow consumers to return glass bottles and cans to supermarkets; and Ball Corp. (BLL -0.9%), which makes recyclable aluminum packaging.
  • Sumana Manohar, a manager of the new fund, expects the fund to expand in coming years and invest in such firms as recycling businesses that provide battery minerals.

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