New Analysis Evaluates Major U.S. Investors’ Record on Key Climate Shareholder Votes

A new scorecard shows how the biggest U.S. investment firms vote on climate-related shareholder proposals, and it is not really about your home upgrades, but it does touch your money if you have savings in mutual funds, ETFs, or a retirement account. The Center for Active Stewardship, working with the Sierra Club, added a "Hidden Risk" scorecard to its free public database of proxy votes cast by U.S. funds. Proxy votes are how big investors weigh in on company decisions, including proposals tied to climate risk.

The findings: Vanguard and BlackRock, the two largest U.S. asset managers, voted in line with the Sierra Club's climate recommendations only 0% and 1% of the time. Several dozen other institutions hit 100% alignment. Both firms' support for climate and social proposals has dropped sharply since 2021, when each backed more than 40% of such measures. Vanguard remains the largest fossil fuel investor among U.S. asset managers, with BlackRock second. The Sierra Club Foundation pulled its own investments out of BlackRock in 2025 after years of pushing for stronger climate action.

This does not change any rebate, tax credit, or upgrade program for your house. But if you hold index funds or a 401(k) through one of these firms, the scorecard, available at scorecards.proxydata.org, lets you see how your fund votes on climate issues compared with others on the market.