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Photo: Hannes Breustedt/picture alliance via Getty Images

BlackRock, in a report published Tuesday, said this year it has used its shares to take "voting action" against 53 companies that are "making insufficient progress integrating climate risk into their business models or disclosures."

Why it matters: The tally is an early sign of how BlackRock is implementing one element of its wider plan unveiled early this year to make climate change more central to its strategy.

  • Most of those votes were against members of boards of directors, while some were in support of various climate-related shareholder proposals.
  • Of those 53 companies, 37 were energy companies with a combined market capitalization of $408 billion, BlackRock said.

The other side: "[T]his shareholder season BlackRock took only baby steps forward by voting the right way on a fraction of the climate tests on the table, and claiming that stronger action is on the way," said Ben Cushing of the Sierra Club, one of several groups that said BlackRock hasn't done enough.

Where it stands: Overall, BlackRock said that it has identified 244 companies that are not doing enough.

  • Beyond the 53 that they prodded with shareholder votes to show their displeasure, BlackRock said that "We have put the remaining 191 companies ‘on watch.’"
  • "Those that do not make significant progress risk voting action against management in 2021," the company said.

Go deeper:

Go deeper

Ben Geman, author of Generate
Sep 30, 2020 - Energy & Environment

Energy industry veterans form SPAC to take climate startups public

Illustration: Rebecca Zisser/Axios

A group of energy industry veterans announced Tuesday that they are launching a special purpose acquisition company (SPAC) aimed specifically at taking climate tech startups public.

Why it matters: They're self-branding as "the world’s first climate-focused" SPAC to launch.

13 mins ago - Economy & Business

Ships search for green fuels to keep oceans blue

Illustration: Eniola Odetunde/Axios

The world's maritime industry — from ferries to freighters — is trying to navigate a once-in-a-century transition away from fossil fuels to new, cleaner means of propulsion.

Why it matters: International shipping is key to the world's economy, responsible for 90% of global trade. But the vessels burn about 4 million barrels of oil a day, accounting for almost 3 percent of the world's carbon emissions, and regulators are demanding they clean up their act.

Updated 3 hours ago - Politics & Policy

Hours-long reading of 628-page COVID relief bill delays Senate debate

Sen. Ron Johnson. Photo: Stefani Reynolds/Bloomberg via Getty Images

The Senate on Thursday voted 51-50 — with Vice President Kamala Harris breaking the tie — to proceed to debate on President Biden's $1.9 trillion coronavirus rescue package, likely setting up a final vote this weekend.

The state of play: Sen. Ron Johnson (R-Wis.) forced Senate clerks to read the entire 628-page bill on the floor, which took nearly 11 hours and lasted until 2:04 a.m. on Friday. The Senate is set to return at 9 a.m. to debate the bill before considering amendments, which could drag into the weekend.