BlackRock plans environmental money market fund

BlackRock, the world’s largest fund manager, has informed the Securities and Exchange Commission in the US that it intends to launch a fund that will invest in environmentally friendly companies and socially responsible investments.

The company will also use 5 per cent of its management fee for the Liquid Environmentally Aware Fund (LEAF) to purchase carbon offsets and will also make an annual donation to the World Wildlife Fund (WWF).

LEAF will use data from independent ESG ratings and prohibit any investments in companies that earn significant revenue from the mining, exploration or refinement of fossil fuels or from thermal coal or nuclear energy-based power generation.

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