I sadly don’t think that any one user can make a difference on this, but I wanted to put my voice out there and see what comes back - specifically on Chip being involved with BlackRock as an investment partner.
Blackrock is indeed the largest investor in the world. But despite pledges to decrease investment in polluting sectors, they are still one of the world’s largest funders of coal power plants and have yet to make any major policy changes internally to match their carbon-zero statements. Their track record on the environment, and particularly their impact on indigenous communities, has often been catastrophic. There are entire NGO coalitions dedicated to exposing and fighting the damage their investments cause, and in 2020 a survey of BlackRock asset managers found:
" Only 28% of 75 asset managers surveyed by ShareAction have made a pledge to engage or exclude companies that fail to act in line with United Nations or International Labour Organisation frameworks for [human rights and labor rights](https://shareaction.org/wp-content/uploads/2020/05/ShareAction-Human-Rights-Report-2020-Final.pdf)."
I’ve been an investor in Chip - albeit a small investor - since the first angel round of investment, and to date I have continued to contribute a small amount with every round of investing. This is because I believe in the product, and it has a positive impact on my financial future. However, for ethical reasons I will not use the investment function on the Chip app for as long as it is connected to BlackRock, and in the long-term I will need to question any ongoing usage of the app, despite my investments.
My question to the community, and to Chip itself, is then - are there any other options you can pursue? Ethical investors, or entities that do not have a chequered history of destroying habitats and lives? And is anyone else reacting in a similar way?