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BlackRock steps up its defense of ESG positions (2022)
| Environmental, social, and corporate governance |
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| • What is ESG? • Enacted ESG legislation • Arguments for and against ESG • Opposition to ESG • Federal ESG rules • ESG legislation tracker • Economy and Society: Ballotpedia's weekly ESG newsletter |
On October 7, BlackRock–variously characterized by analysts, supporters, and opponents, as the world’s largest asset manager, one of the world’s most outspoken major ESG supporters, and the firm most often criticized by ESG opponents–continued its defense of its positions, launching a website specifically dedicated to explaining and justifying its ESG work:[1]
“BlackRock launched another effort to push back against those that contend the firm is 'boycotting' the energy industry after some red states have penalized the firm for its ESG push.
"The firm, which is the world’s largest money manager, launched a webpage on Friday committed to 'setting the record straight' about how it handles investment decisions and disclosure and its pursuit of environmental, social, and governance standards, also known as ESG. The launch comes just days after Louisiana announced it is divesting all its Treasury funds from BlackRock.
"'The energy industry plays a crucial role in the economy, and, on behalf of our clients, BlackRock has invested $170 billion in U.S. public energy companies,' the webpage reads. 'We are also partnering with energy companies and start-ups to fund new technology and innovations that will power the global economy, now and in the future.'
"While BlackRock and its CEO Larry Fink have been accused of trying to harm the energy industry, BlackRock contends that it merely asks companies to provide disclosures on material issues that affect their businesses so that investors can appraise risks, such as climate change, and make informed financial decisions.
"'We believe that companies that better manage their exposure to climate risk and capitalize on opportunities will generate better long-term financial outcomes,' the company said.
"BlackRock claims its views on climate risk aren’t unique, and its new webpage notes that an overwhelming majority of companies in the S&P 500 publish sustainability reports.”
See also
- Environmental, social, and corporate governance (ESG)
- Economy and Society: Ballotpedia's ESG newsletter
External links
Footnotes
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