Coalition of environmental NGOs calls on BlackRock to divest from Drax over biomass

March 24, 2020 |

In the UK, a coalition of 32 environmental organizations worldwide has sent a letter to the world’s largest asset manager, BlackRock, asking it to divest from Drax Plc, owner of the world’s largest wood-burning power station in the UK, and to clarify its position on biomass energy. BlackRock is Drax’s joint third largest shareholder, holding a 5% stake in the company.

While biomass energy is promoted by the industry and the UK government as a cleaner alternative to coal, in reality it contributes to climate change, forest destruction and pollution of communities both where the wood is sourced and where it is burned. Drax Power Station burns imported wood pellets made from over 14 million metric tons of trees every year, emitting more than 13 million tons of CO2 in the process. Most of Drax’s pellets come from the Southeastern USA, and Drax’s pellet supplier Enviva regularly sources wood from the clearcutting of coastal hardwood forests which lie at the heart of a global biodiversity hotspot.

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Category: Fuels

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