FOR IMMEDIATE RELEASE
July 10, 2024
VANGUARD CUSTOMERS AND CIVIL SOCIETY ORGANIZATIONS URGE VANGUARD’S NEW CEO SALIM RAMJI TO STOP INVESTMENTS IN FOSSIL FUEL EXPANSION
On the heels of a protest outside of Vanguard’s Headquarters last week in Malvern, PA where hundreds of Vanguard clients and activists gathered to demand Vanguard take climate action, over 600 more have signed a welcome card sent to Vanguard’s new CEO Salim Ramji this morning, urging him to move Vanguard away from fossil fuel investments:
In response to Mr. Ramji assuming his role this week, members of the Vanguard S.O.S. campaign released the following statement:
“As Salim Ramji takes the reins of the largest investor in fossil fuels, he must provide the climate leadership its clients and our world desperately need. Salim Ramji is starting his work in the midst of record-breaking heat waves across the globe, severe floods in the U.S., and millions without power in Houston as a result of Hurricane Beryl. Activists and Vanguard clients remain focused on urging Vanguard to stop investing in fossil fuel expansion. Vanguard needs to encourage its portfolio companies to mitigate the climate related systemic risks that will hurt its clients’ portfolios.
“During Mr. Ramji’s tenure at BlackRock, he led the expansion of ESG and climate-focused ETFs and index funds and asserted that climate risk represents investment risk, so we know he takes the climate crisis seriously. We are encouraged by the significant steps Mr. Ramji took while at BlackRock and are calling on him to use this opportunity to chart a new course on climate at Vanguard.
“Tragically, Vanguard continues to provide new capital for fossil fuel expansion and other drivers of the climate crisis. Yesterday, the day after Salim Ramji started at Vanguard, researchers released the “Investing in Climate Chaos” report, detailing that Vanguard maintained its position as the world’s largest investor in fossil fuels with $413bn in total exposure. With this abominable track record, Vanguard is steering us away from the goals of the Paris agreement of limiting global warming to 1.5°C, and by doing so, the company is exposing their clients and the broader financial system to significant risks.”
About Vanguard S.O.S.
Vanguard S.O.S. is an international campaign pushing Vanguard to chart a new course away from climate catastrophe and toward truly sustainable and responsible investing. The network is made up of civil society organizations, social movements, and financial experts working together to secure a climate-safe future for everyone.
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Contact:
Nancy Treviño, nancy@stopthemoneypipeline.com, (786) 201-8958
Mark Normington, mark.normington@sunriseproject.org, (971) 337-9781