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

2 hours ago - Science

3 dead and thousands evacuated as Northern California fires explode

A building at the Meadowood Napa Valley luxury resort burns after the Glass Fire moved through the area on September 28, 2020 in St. Helena, California. Photo: by Justin Sullivan/Getty Images

Three people have died in a wildfire in Northern California and tens of thousands were evacuated across the state, as firefighters contended with strong winds and dry conditions that saw blazes explode across the state on Monday.

Driving the news: Shasta County Sheriff Eric Magrini confirmed the deaths occurred as the Zogg Fire spread across 15,000 acres, forcing the evacuation of 1,200 people. More than for 5o,000 people, per AP.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 33,273,720 — Total deaths: 1,000,555 — Total recoveries: 23,056,480Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 7,147,241 — Total deaths: 205,031 — Total recoveries: 2,794,608 — Total tests: 102,342,416Map.
  3. Business: Companies are still holding back earnings guidance.
  4. Health: Trump announces plan to distribute 150 million rapid tests —The childless vaccine.
  5. Media: Fauci: Some of what Fox News reports about COVID-19 is "outlandish"
  6. States: Cuomo extends New York moratorium on evictions until 2021.
  7. World: More than 1 million people have now died from coronavirus — India the second country after U.S. to hit 6 million cases.
Dave Lawler, author of World
2 hours ago - World

Global coronavirus death toll crosses 1 million

Data: Our World in Data; Chart: Sara Wise/Axios

The global toll of confirmed deaths from COVID-19 crossed 1 million on Monday, according to data from Johns Hopkins.

By the numbers: More than half of those deaths have come in four countries: the U.S. (204,762), Brazil (141,741), India (95,542) and Mexico (76,430). The true global death toll is likely far higher.