Laurence D. Fink, chairman and C.E.O. in 2018. Photo: Michael Cohen/Getty Images for The New York Times

BlackRock's climate strategy rolled out Tuesday won't leave anyone confusing the asset management giant with Greenpeace, despite the suite of big new pledges.

Driving the news: Take the plan to dump producers of thermal coal — the stuff used in power plants — from their active portfolios.

  • It targets companies that generate more than 25% of their revenue from thermal coal.
  • But Bloomberg points out that "large, diversified miners — which also rank among the largest coal producers — won’t be affected."
  • Coal revenue for mining heavyweights Glencore, Anglo American and BHP Group are all under the 25% threshold, Bloomberg notes.

But, but, but: A new update from the Institute for Energy Economics and Financial Analysis says BlackRock's coal policy is nonetheless consequential.

  • They note it would likely capture firms including China Shenhua, China National Coal, Peabody Energy, Arch Coal Inc., Contura Energy, Adani Enterprises and many others.
  • And, they note, BlackRock's vow to "closely scrutinize" companies that use lots of thermal coal could bring divestment from big power companies like Duke Energy.

The big picture: Most of the trillions of dollars BlackRock manages for clients are in passive funds, which means the company isn't directly picking the investments.

  • Nonetheless, BlackRock's strategy does address passive investment vehicles. The firm is expanding offerings of sustainability-focused exchange-traded funds.
  • Part of that plan would allow clients to select funds that do not include certain companies and sectors, including a "fossil fuel screen."

The bottom line: Environmentalists generally applauded BlackRock's moves but also acknowledged their limits.

  • As the NYT notes, "Because of its sheer size, BlackRock will remain one of the world’s largest investors in fossil-fuel companies."

Go deeper: BlackRock vows focus on climate change

Go deeper

Updated 29 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 a.m. ET: 32,881,747 — Total deaths: 994,821 — Total recoveries: 22,758,171Map.
  2. U.S.: Total confirmed cases as of 10 a.m. ET: 7,079,909 — Total deaths: 204,503 — Total recoveries: 2,750,459 — Total tests: 100,492,536Map.
  3. States: New York daily cases top 1,000 for first time since June — U.S. reports over 55,000 new coronavirus cases.
  4. Health: The long-term pain of the mental health pandemicFewer than 10% of Americans have coronavirus antibodies.
  5. Business: Millions start new businesses in time of coronavirus.
  6. Education: Summer college enrollment offers a glimpse of COVID-19's effect.

Durbin on Barrett confirmation: "We can’t stop the outcome"

Senate Minority Whip Dick Durbin (D-Ill.) said on ABC's "This Week" Sunday that Senate Democrats can “slow” the process of confirming Supreme Court nominee Amy Coney Barrett “perhaps a matter of hours, maybe days at the most," but that they "can’t stop the outcome."

Why it matters: Durbin confirmed that Democrats have "no procedural silver bullet" to stop Senate Republicans from confirming Barrett before the election, especially with only two GOP senators — Lisa Murkowski of Alaska and Susan Collins of Maine — voicing their opposition. Instead, Democrats will likely look to retaliate after the election if they win control of the Senate and White House.

The top Republicans who aren't voting for Trump in 2020

Photo: Brendan Smialowski/AFP via Getty Images

Former Pennsylvania Gov. Tom Ridge announced in an op-ed Sunday that he would be voting for Joe Biden.

Why it matters: Ridge, who was also the first secretary of homeland security under George W. Bush, joins other prominent Republicans who have publicly said they will either not vote for Trump's re-election this November or will back Biden.