09:38 AM EDT, 07/02/2024 (MT Newswires) -- BlackRock ( BLK ) will apply new guidelines to $150 billion in investment funds it manages that have climate objectives, according to media reports.

Citing a message to clients from Joud Abdel Majeid, the head of investment stewardship, the guidelines will influence how the funds vote on shareholder proposals concerning decarbonization, differentiating them from BlackRock's ( BLK ) broader $10.5 trillion asset management policies, according to the Financial Times.

The policy will allow climate-focused funds to support shareholder proposals for decarbonization, FT reported.

Starting in Q4, BlackRock ( BLK ) will apply this new policy to 83 European funds with climate and decarbonization goals, potentially extending to similar funds in the US and Asia-Pacific regions, as well as client-managed accounts, Majeid said in the message.

Investment funds following the new "climate & decarbonization stewardship guidelines" will evaluate whether companies are actively working to limit the average global temperature increase to 1.5 degrees Celsius above pre-industrial levels, a benchmark outlined in the Paris Agreement, according to the reports.

Blackrock ( BLK ) did not immediately respond to MT Newswires' request for comment.

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