Vanguard and BlackRock uncovered as largest investors in coal industry Larry Fink, CEO of BlackRock, recently called for more sustainable investment practices. However, research has shown BlackRock to be the second largest investor inthe coal industry. (Photo by Eugene Gologursky/Getty Images for IRC) The US mutual fund company Vanguard has been named the world’s largest institutional investor in the coal industry, with holdings of almost $86 bn, according to research carried out by Rainforest Action Network, Urgewald and 28 other NGO partners. The investor is closely followed by BlackRock, which has invested over $84bn in the coal industry to date. Together, the two investments giants account for 17 per cent of all institutional investment in the coal industry.