Asset manager BlackRock is the latest signatory to the Climate Action 100+ initiative committing the company to take action to combat climate change.

BlackRock has over $6.8 trillion in assets under management and joins more than 370 global investors already participating in the initiative.

The addition of funds it manages, brings total assets under management represented by investors participating in Climate Action 100+ to more than $41 trillion.

Signatories commit to ensure they take action to reduce greenhouse gas emissions across the value chain in line with the goals of the Paris Agreement.

They will also implement a governance framework that clearly articulates the board’s accountability and oversight of climate change risks and opportunities, as well as provide enhanced corporate disclosure in line with the recommendations of the Task Force on Climate-related Financial Disclosures.

Climate Action 100+ steering committee chair Emily Chew said: “BlackRock is one of the largest and most influential asset managers in the world and will bring even more heft to investor engagement through Climate Action 100+.

“We look forward to working with BlackRock to build on the initiative’s success and work to ensure companies take the urgent and necessary action needed in response to the climate crisis.”

The Climate Action 100+ was launched in 2017 is a five-year investor initiative to ensure the world’s largest corporate greenhouse gas emitters take necessary action on climate change.

It is coordinated by five partner organisations. They are Asia Investor Group on Climate Change, Ceres, Investor Group on Climate Change, Institutional Investors Group on Climate Change and Principles for Responsible Investment.

These organisations, along with five investor representatives from AustralianSuper, California Public Employees’ Retirement System (CalPERS), HSBC Global Asset Management, Ircantec and Manulife Asset Management, form the global Steering Committee for the initiative.