The CEO of the $10 trillion behemoth said that BlackRock would "work with energy companies globally that are essential in meeting societies' energy needs" and this would include fossil fuel . / MoneyWatch. While the AGs are merely demanding answers about BlackRocks investment policies, sources note the treasurers in each of the states could pull the their respective state pensions out of BlackRocks coffers or ban states from any sort of financial involvement with the institutions. BlackRock even goes so far as to tout its continued investment in fossil fuelswithout specific net zero targets or commitments or any plan for a phased transition away from the very investments that increase carbon emissionsas somehow a necessary part of a transition to a green economy. Luiz Eloy, a member of the Terena people and a lawyer with the Association of Indigenous Peoples of Brazil, said in an email that BlackRock has changed absolutely nothing to alter its investment strategy, which pours money into the very companies that brutalize us and take down forests on an industrial scale. However, before that can happen, Fink said there needs to be more consistent disclosure of companies' sustainability efforts and climate risks. We are not dictating how a company goes forward, but we are asking each company to be transparent and tell us your pathway. . Based on the facts currently available to us, BlackRock appears to use the hard-earned money of our states citizens to circumvent the best possible return on investment, as well as their vote, the AGs said in their letter. This is one of the things that I'm worried about.. Fink added that government must play a critical regulatory role. But some climate activists reject the idea that greenhouse gas-emitting energy sources have any role in the conversation. Continued investment is also required to maintain a reliable, affordable supply of fossil fuels during the transition. Unfortunately, so much of the policies are greenwashing, Fink said. Whether it's the water table or heat or issues related to farming we can see what facet is going to have the biggest impact from different changes in temperature and what that means, Fink said. 685 Third Avenue BlackRock fossil-fuel investments erased $90bn in assets: Report. If he really wants BlackRock to be a climate leader instead of a climate pariah, he needs to start aligning green words with green deeds, and direct BlackRocks awesome financial power towards a sustainable future. A special opportunity for partner and affiliate schools only. It could make the decision to do the opposite.. Larry Fink, chief executive officer of BlackRock Inc. Christopher Goodney | Bloomberg | Getty Images, BlackRock CEO: I don't believe social values, environmental issues are political and 'woke', China is aiming to become a global climate leader. We need to pass through shades of brown to shades of green," Fink wrote in the annual letter. A well-diversified and low-cost stock market index solution provides a landmark opportunity for investors to responsibly divest from passive investments that indirectly expose them to fossil fuel . A pump jack operating in an oil field in Midland, Texas, July 29, 2020. As such, BlackRock will execute this mandate at the sole discretion of the Bank, and in accordance with their detailed investment guidelines, in order to provide broad support to credit markets and achieve the governments objective of supporting access to credit for U.S. employers and supporting the American economy. BlackRock did not respond on the record to several other questions about the contents of this article. It will advise the European Commission on the EUs standards for sustainable investment, after having argued to weaken them. Energy security is in focus following the latest move by OPEC+ to cut its oil production target over U.S. objections. Under a 2021 law, the state can restrict the state's public pension funds and other state entities from investing with companies that divest from fossil fuel companies. Most said they planned to continue financing fossil fuels . Feb. 17, 2022, at 6:12 a.m. Like most big companies, BlackRock gives generously to both major political parties, and despite his support for Biden, Fink has advised the Trump administration on everything from infrastructure privatization to the coronavirus. Sign up for free newsletters and get more CNBC delivered to your inbox. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. "It was . BlackRock, the worlds largest asset manager, is coming under scrutiny from a group of state attorneys general over its aggressive push on so-called ESG investments that promote environmental, social and governance issues. You are currently accessing Business Green via your BlackRocks transparency efforts have been piecemeal as well, activists argue. Get this delivered to your inbox, and more info about our products and services. sign in. BlackRock is the largest shareholder of the Spanish bank Santander and the third-largest at Apple, and equity stakes in smaller companies give it enormous sway over a stunning number of corporations the world over. cozies up to Joe Bidens presidential campaign. 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BlackRock has benefited greatly from the rise of so-called passive investment, which puts algorithms instead of human managers in charge of portfolios. BlackRocks past public commitments indicate that it has used citizens assets to pressure companies to comply with international agreements such as the Paris Agreement that force the phase-out of fossil fuels, increase energy prices, drive inflation, and weaken the national security of the United States, the letter adds. LISTEN: To hear more about BlackRock's net-zero plan and its implications, check out the latest episode of S&P Global's ESG Insider podcast on SoundCloud, Spotify or Apple Podcasts. AUSTIN The state's biggest pension fund shed more than $500 million worth of investments in BlackRock the world's . A report by BlackRock, the world's largest investment house, shows that those who have divested have profited not only morally but . The number of fossil fuel investments that BlackRock holds declined steadily from the third quarter of 2019 through the third quarter of 2020, the most recent date when data on its investment portfolio is available. To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market. It claimed some climate-themed funds had holdings in the fossil-fuel industry, including a BlackRock "fossil fuel screened" fund, and a State Street Corporation "fossil fuel reserves free . The world currently depends on hydrocarbons, like oil and gas, and "we need to rapidly admit that," he said on CNBC's "Squawk Box," addressing a question from host Andrew Ross Sorkin. The world's largest asset manager has signalled it will continue to work with fossil fuel companies which are "essential in meeting society's energy needs", BlackRock's chief executive Larry Fink has said 'Heat pumps work': Study confirms Air Source Heat Pumps three times more efficient than gas boilers. "We are perhaps the world's largest investor in fossil fuel companies," she wrote. Blackrock CEO Larry Fink has written a public letter praising accountable and transparent capitalism, but his company is still investing in fossil fuels and deforestation. They're changing the supply curve, which leads to higher inflation.. Working in partnership with Indigenous tribes in South America, AmazonWatch found in a, one of the top investors in the agribusiness firms responsible for deforestation in the Amazon, with over $2.5 billion worth of shares of those companies. The only sure result of letting BlackRock write the rules of a new green economy is that itll keep turning a profit, the planet be damned. Meet 12 Republican officials crusading against the world's largest asset manager and ESG. Thats a decision by, to make climate-destroying companies part of its default offering. Meanwhile, the companys investments to influence Washington, through lobbying and campaign donations, have bought it, friends on both sides of the aislethereby avoiding, the kind of regulatory scrutiny to which a firm of its size would ordinarily be subject, . When BlackRock chairman and CEO Laurence Fink sits down to pen his annual letter to chief executives, investors are all ears, given that the world's largest asset management company manages $9 trillion in assets. Dec 5, 2022, 6:30 . They just are really focused on maximizing their own wealth.". The letter highlighted that the investing giant headed by billionaire Larry Fink, which has $10 trillion in assets under management, invests in and does business with Chinese companies that often flout environmental concerns even as it pushes for US companies to embrace net-zero carb emissions. From pipelines to tar sands to Arctic oil drilling, asset managers like BlackRock are fuelling a deadly industry and making the climate crisis worse. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. A report from the watchdog group MajorityAction found that BlackRock and Vanguardthe largest shareholders in 18 of the 28 carbon-intensive energy and utility companies analyzedvoted 99 percent of the time for the directors those companies proposed in 2019. In advance of the World Economic Forum at Davos, Switzerland, in January (and after BlackRock was singled out for criticism by climate activists), Finks hotly anticipated annual letter to CEOs and other clientssigned by its full board of directorsurged a new path toward a more accountable and transparent capitalism that takes the threat of rising temperatures seriously. Coal production is seen as one of the dirtiest ways of generating power, and the Intergovernmental Panel on Climate Change calculated that coal-fired power generation would have to be all but eliminated by 2050 to prevent global heating of more than 1.5C. Some of BlackRock's clients do divest . Meanwhile, Finks opponents argue that BlackRock should be doing more if it believes in investing sustainably. Fink promised the company would start to use the voting power of its vast assets in January 2020, a U-turn after previously arguing it would work mainly through engagement with company boards. "We will continue to invest in and support fossil fuel companies, including Texas fossil fuel companies," BlackRock wrote in a January letter. 2 Arizona, Sharon Stone: I 'lost half my money' in Silicon Valley Bank collapse, 'Amazon snake cat' photo goes viral and mystifies internet. In the letter, BlackRock reported that as of June 30, its investment in fossil fuel companies totaled $259 billion globally of which $91 billion was invested in Texas-based fossil fuel companies, noting that it is "perhaps the world's largest investor in fossil fuel companies.". a company is considered to be boycotting an energy company if it limits relations with an entity involved in the fossil fuel-based energy sector if the entity "does not commit or pledge to meet . 16 seed Fairleigh Dickinson shocks Purdue in NCAA Tournament, Lance Reddick, actor in "The Wire" and "John Wick" movies, dies at age 60, Trump White House failed to report 117 foreign gifts, House Democrats say, DOJ investigating TikTok parent company for possible spying on U.S. citizens, Biden asks Congress to crack down on executives at failed banks, Body of Stephen Smith to be exhumed by family, Wyoming governor signs bill banning abortion pills, Olivia Pichardo becomes first woman to play in a Division 1 baseball game, Climate activists push for banks to divest from fossil fuels, Biden's stance on fossil fuels at odds with climate change pledges, Why Al Gore is optimistic about the future of our planet, Floods and droughts becoming more extreme, study finds, Biden approves massive Willow oil drilling project in Alaska, Energy-saving smart windows could help combat climate change, The "climate diet": Eating with the health of the planet in mind. Depending on the SECs response, sources say these other states could re-examine investing with BlackRock a move that could pull billions from top Wall Street institutions. For one, fossil-fuel stocks have begun to drag down portfolios. I don't know. Louisiana said this month it will pull $794 million out of BlackRock's funds. A 12-month program focused on applying the tools of modern data science, optimization and machine learning to solve real-world business problems. States including Texas, Arkansas, West Virginia, have targeted the firm for its ESG investment strategies. Where we do not see sufficient progress, we take voting action.. Fink was speaking ahead of BlackRock's release of its third-quarter results on Oct. 13, when it is expected to show a fall in quarterly revenue. BlackRock has billions of dollars invested in tar sands companies. An analysis from the Institute for Energy Economics and Financial Analysis last summer found that BlackRock lost $90 billion on its fossil fuel investments over the last decade, 75 percent of which was from holdings in just four companies: ExxonMobil, Chevron, Royal Dutch Shell, and BP. Nineteen state attorneys general led by Arizona AG Mark Brnovich wrote to the Securities and Exchange Commission asking the agency to look into BlackRocks ties to China and whether or not it was prioritizing its fiduciary responsibility to investors. The founder and CEO of BlackRock, one of the world's largest investment firms, has said in a letter to CEOs that he will use its power to ensure "every government, company, and shareholder must confront climate change.". BlackRock, Credit Suisse and UBS made the banned list, along with sustainable investment funds from other banks. At the same time, he wrote that climate change, and the technological changes needed to minimize its effects, would demand huge changes by every company and industry, and pushed CEOs to be ready. latest-news-headlines The scale of these assets it has under management gives BlackRock a powerful voice in corporate boardrooms. A loophole in the asset managers policy means it is still allowed to hold shares in companies that earn less than a quarter of their revenues from coal, meaning it has held on to shares or bonds from some of the worlds biggest coalminers and polluters. Separately, Fink was asked if he was concerned about Britain, where the economy and financial markets have been thrown into turmoil over recent weeks. "That really helps the individual investors, the institutional investors who have their money with BlackRock," Spalding said. NEW YORK, Oct 12 (Reuters) - Larry Fink, chief executive of the world's biggest asset manager BlackRock Inc (BLK.N), on Wednesday defended his firm's energy investments after facing a backlash from lawmakers critical of its stance on environmental, social and governance (ESG) issues. Despite these investments, BlackRock has recently been accused of "boycotting . Whatever the result of the November election, BlackRock is poised to come out a winner. The firm has become a kind of safe haven for ex-Obama staffers, ready to feed future administrations with talent that hasnt been tainted by stints at more despised companies like Goldman Sachs (the original vampire squid) or JPMorgan Chase. It has not specified the scale of investments it had in qualifying companies before divestment. BlackRock continues to fuel the climate catastrophe through its investments in fossil fuels and deforestation. Citing factors such as an acceleration in building new supply chains, which were hit hard by the COVID-19 pandemic, Fink said measures to counter inflation may, in the long run, weigh on price pressures. Data for the firm's holdings at year-end 2020 will be reported later in February. In a Jan. 19 letter to Texas Comptroller Glenn Hegar, Mr. Patrick wrote: "As you prepare the official list of companies that boycott energy companies, I ask that you include BlackRock, and any company like them, that choose to hurt Texas oil and gas energy companies by boycotting them'' in violation of the Texas bill. Despite its sustainability promises, BlackRock continues to pour billions into fossil fuel companies. ESG remains a tiny portion of the products the firm offers, which it emphasized it would be expanding. A spokesperson confirmed Blackrock has no plans, as yet, to exclude either oil and gas companies or those involved in deforestation from its actively managed funds. Aladdin, its proprietary and ubiquitous risk-management platform, is, as the Financial Times puts it, the central nervous system for many of the largest players in the investment management industry, encompassing $21.6 trillion worth of assets from just a third of its clientsequivalent to 10 percent of global stocks and bonds. But those commitments, critics say, only extend so far into the firms day-to-day operations. Located in Kenya's far north region, the Lake Turkana Wind . As temperatures rise, we'll continue to face unprecedented floods, fires, droughts, storms, and environmental disasters. Learn how you can take a stand against BlackRock and take action in your community. While BlackRock's holdings in oil, gas and coal companies dropped in recent quarters, activists say the asset manager needs to go further to address its climate impact. Analytics and data are essential to making informed investing decisions. "It's a very supportive discussion, but it is also a challenging discussion because we want to be with these companies for decades," Boss said. Why is Texas Still Picking on BlackRock Over Fossil Energy? A corrective, says AmazonWatchs Moira Birss, is pretty simple: Make fossil-free and deforestation-free the default. "I'm now being attacked equally by the left and the right so I'm doing something right, I hope. Non-degree programs for senior executives and high-potential managers. We suspect, The Wall Street Journals editorial board noted last month, his foremost goal is to be Joe Bidens Treasury Secretary. Brian Deeseanother BlackRock executive and former senior adviser to Barack Obamahas also been rumored to be in the running for a plum post. ", "We need governments to provide clear pathways and a consistent taxonomy for sustainability policy, regulation and disclosure across markets.". The Powerful New Financial Argument for Fossil-Fuel Divestment. If you already have an account please use the link below to Sign up and get the best of News delivered straight to your email inbox, free of charge. Working in partnership with Indigenous tribes in South America, AmazonWatch found in a 2019 report that BlackRock was one of the top investors in the agribusiness firms responsible for deforestation in the Amazon, with over $2.5 billion worth of shares of those companies. The company is one of the largest financiers of pipelines in the world, investing in pipelines in Texas, Saudi Arabia and the United Arab Emirates. That is how they build influence: Whether you like it or not, their opinion is useful. And BlackRocks contribution to Europes ESG discussion has precluded any talk of actively excluding investments in corporate polluters. As BlackRock explicitly supports investment in fossil fuel companies, the firm remains committed to its net-zero pledge and decarbonizing goals, BlackRock's spokesman said. "That will be game over for any high emissions dinosaur who forgot to prepare a transition plan.". So far, Aladdins focus on climate risks has been scant. To date the company has fully divested from companies that fell under its new thermal coal rules, which may not have been promising investments anyway. "It helps them make choices about what funds they're in, and it helps them assess risk. Texas has become the epicenter of the U.S. energy transition. In 2020, BlackRock committed to exclude companies that generate more than 25% of their revenue from thermal coal production from its actively managed funds. BlackRock's January 2020 letter from CEO Larry Fink signaling increased activities on climate change sent a "key shot across the bow of the global finance sector," said Tim Buckley, director of Australasia energy finance studies at IEEFA. Thats a decision by BlackRock to make climate-destroying companies part of its default offering. 3 hurdles to sustainable investing and how to overcome them, How Salesforce, Amazon, Google measure climate impact, ESG ratings: Dont throw the baby out with the bath water, FedEx founder on innovation, climate change, and Amazon, climate change was at the top of Finks list, Task Force on Climate-related Financial Disclosures. Despite a market collapse last year, the firm attracted long-term net asset inflows of $400 billion last year, he noted, including $230 billion of long-term net inflows in the U.S. Mr. Fink said . Those companies included the Indian conglomerate Adani, the UK-listed commodities companies BHP and Glencore, and the German energy company RWE, according to research by Reclaim Finance and Urgewald, two campaign groups. Kate Aronoff is a staff writer at The New Republic. In wake of SVB's collapse, how will the Federal Reserve move to calm markets at its next meeting while continuing to fight inflation? BlackRock representatives met with government officials and energy company executives in January to present the firm's case for remaining invested in fossil fuel companies in the face of criticism . "Businesses cant do this alone, and they cannot be the climate police," he said. The coal exclusionary policy also only affected companies deriving 25% or more of their revenues from thermal coal, leaving the door open to miners who produce substantial amounts of coal but derive more revenue from other activities. BlackRocks influence doesnt end in the U.S., though. In response to questions about the companys debt-buying on behalf of the Fed, the spokesperson provided a statement that said, BlackRock is acting as a fiduciary to the Federal Reserve Bank of New York. We ask all companies to disclose how their business model will be compatible with the transition to a low-carbon economy. In his 2020 letter to CEOs, he stated that Blackrock would be "exiting investments that present a high sustainability-related risk." . Fink said traditional fossil fuel companies' global infrastructures are necessary in order to build a bridge toward that decarbonized future. 'Severe implications': Can the UK prevent a worsening green skills crunch? Additionally, Comptroller staff conducted research on individual investment funds, generating a list of nearly 350 funds that are subject to the same provisions as the companies. BlackRock said it has completely divested all companies with more than a quarter of thermal coal revenues from active investment strategies, and that it offers clients the choice of excluding coal in its index products, which track lists of companies such as Londons FTSE 100. 1 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. Of the exchange-traded funds, or ETFs, the Fed has purchased so far via this arrangement, about half have been BlackRocks own, though the company will generously credit any income earned in those purchases back to the central bank. Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors. At Sept. 30, 2020, the market value of BlackRock's coal investments was more than $12 billion and the value of its oil and gas investments was nearly $90 billion, according to S&P Global Market Intelligence data. BlackRock is stepping up its engagement with companies on climate change issues and incorporating climate impacts into more investment decisions. As the Times observed, "Had Mr. Fink moved a decade ago to pull BlackRock's funds out of companies that contribute to climate . We've received your submission. The BlackRock investment company is in the Hudson Yards neighborhood of New York City on Tuesday, March 14, 2023. . A full-time MBA program for mid-career leaders eager to dedicate one year of discovery for a lifetime of impact. Enterprise account. The funds all are in Austin. Fink, however, said declines in stocks and bonds valuations present opportunities for investors, and his firm was witnessing big interest in bonds. anyway. AUSTIN The state's biggest pension fund shed more than $500 million worth of investments in BlackRock the world's largest asset manager to comply with a new law meant to punish . The worlds largest asset manager has been tapped by the Federal Reserve to oversee three expansive government debt-buying programs meant to stave off economic catastrophe and is expected to make $48 million a year doing so. ), Even under the long list of sustainability measures, claims to be adopting, it will still be free to continue being a major investor in both fossil fuels and deforestation. BlackRock, the world's biggest asset manager lost $90 billion in the last decade through its investments in fossil fuel companies, a new report by an economics think-tank found. So they've got to transform those companies, for sure.". "His opportunistic argument for supporting fossil gas as part of the green transition is flatly contradicted by climate science," added Lara Cuvelier, a campaigner at Reclaim Finance, a nonprofit organization that argues the world's largest financial institutions should move away from fossil fuels. The company, which manages nearly $7 trillion worth of assets, has positioned itself as the good guy on Wall Street, and its executives as a crew of mild-mannered money managers who understand the risks of the climate crisis and the importance of diversity. Ginny Cleaveland, Deputy Press Secretary, Fossil-Free Finance, Sierra Club, ginny.cleaveland@sierraclub.org, 415-508-8498 (Pacific Time) NEW YORK Today, BlackRock released CEO Larry Fink's annual chairman letter, for the first time addressing shareholders, clients, CEOs, investee companies, and other stakeholders in one statement. Their votes were also key to killing 16 climate-related shareholder resolutions the same year that would have had majority support otherwise; both have voted in the past and more recently for such resolutions. Right now, it's estimated only 150 billion dollars is flowing into the emerging world. It goes on to tout the company's fossil fuel holdings and projects it has funded, including gas pipelines, a carbon-capture pipeline and an oil exploration company. "The transition to net zero is already uneven with different parts of the global economy moving at different speeds. Waves of pension and insurance privatization have been a boon, as well, something the firm has advocated for. The world does not need another unicorn food delivery service.. "Given BlackRock's enormous fossil fuel interests, perhaps this truth is just too inconvenient to stomach," she added. to engage with companies around deforestation and Indigenous rights, but tribes say theyve seen few results. role the company is beginning to play in the continents politics. At Sept. 30, 2020, the market value of BlackRock's coal . The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 2023 CNBC LLC. since 2018 has drawn attention to the firms investments in companies fueling climate destruction through fossil fuels and deforestation. Tenth Floor Here's why. Combine an international MBA with a deep dive into management science. The transition for any high emissions dinosaur who forgot to prepare a plan... Meanwhile, Finks opponents argue that BlackRock should be doing more if it believes in investing sustainably over. Remains a tiny portion of the products the firm 's holdings at year-end 2020 be. 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