“BlackRock has made major statements on climate risk, yet they retain funds with very high carbon footprints,” Behar said. “That’s what this is all about, knowing what you own, owning what you own and adjusting your portfolio accordingly.”

The BlackRock Basic Value Fund has more than 21 percent of its holdings flagged as fossil fuel extractors or polluters and represents 373 percent more carbon emissions than the Russell 3000 index.

When asked for comment, a BlackRock spokesperson said that the company acknowledged a greater demand for investment products that consider environmental, social and governance (ESG) factors. Funds like BEEP and MABAX have not had ESG mandates. Rather than divesting entirely from fossil fuel-related companies within its fund lineup, BlackRock offers investors the option to select from a lineup of ESG funds on its platform.

“We believe that investors can no longer ignore climate change,” said the company in a released statement. “We are at the start of a long-term educational journey for both ourselves and the market about carbon risk in portfolios, which is why this year we incorporated ESG and carbon-specific data into our Aladdin risk management platform. We do provide clients with sustainable and low-carbon portfolios through our Impact platform. Those clients have entrusted us with approximately $200 billion.”

Even the State Street S&P 500 Fossil Fuel Free ETF, SPYX, holds 40 fossil fuel companies, according to the analysis, including coal-fired utilities like Southern Company and Duke Energy and companies with reserves like Philips66 and Halliburton.

State Street and Dimensional Funds Advisors did not respond to calls for comment Thursday afternoon.

As You Sow also identifies 58 “socially responsible” funds that have no major fossil fuel producers or consumers within their holdings and low carbon footprints. The list is replete with entries from socially responsible fund families like Calvert, Parnassus and Green Century.

Fossil Free Funds, the free web tool, enables advisors and investors to find out the carbon footprint of their portfolios and investments, reporting what portion of their funds are dedicated to the extraction and consumption of fossil fuels.

Behar says that though there’s a moral question regarding fossil fuel consumption, funds heavily concentrated in carbon-producing companies also carry financial risks.

As regulations become more restrictive and penalties on polluters are made more onerous, many fossil fuel companies risk having their carbon assets stranded. While this might account for losses within 5 percent of the holdings of most plain index funds, other more concentrated strategies risk losses in large portions of their portfolios.

“As governments and policymakers around the world have sent strong signals to the business and financial communities, it’s shifted the spotlight for those communities to take more action,” said Scofield.