A report from the Institute for Energy Economics and Financial Analysis (IEEFA) has found that BlackRock - the world`s largest fund manager  - has eroded the value of its $6.5tn funds by betting on oil companies that were falling in value and by missing out on growth in clean energy investments.

The report found that BlackRock’s multibillion-dollar investments in the world’s largest oil companies – including ExxonMobil, Chevron, Shell and BP– were responsible for the bulk of its losses.

Whilst one can argue that BlackRock does not control or back individual fossil fuel companies, it is an undeniable fact that any investment decision that is purely made on a financial basis should not include fossil fuels any more - simply because the business models are not sustainable - and thus the revenues from those businesses aren`t either.