The fund manager, one of the largest in the world, said it would cut more than US$500 million in thermal coal shares from its active portfolios.
It said it would put climate change at the centre of its investment strategy.
Chris Douglas, of MyFiduciary, said it was a significant announcement.
He said the Australian bush fires had prompted more discussion about climate change, which flowed through to sustainable investment and what investments people were exposed to.
He said people were starting to think that they needed to focus more on what they were doing directly and indirectly.
“BlackRock is huge – if it’s starting to move out of fossil fuels, what does that mean for the market? There’s a lot more to come in this space.”
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