• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 12 hours How Far Have We Really Gotten With Alternative Energy
  • 8 days What fool thought this was a good idea...
  • 11 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 7 days A question...
  • 12 days They pay YOU to TAKE Natural Gas
  • 17 days The United States produced more crude oil than any nation, at any time.
4 Bitcoin Trends to Watch in 2024 

4 Bitcoin Trends to Watch in 2024 

The Bitcoin mining industry is…

BlackRock Says It Won’t Stop Investing In Coal, Oil, And Natural Gas

BlackRock will not stop investing in oil, natural gas, or coal, the world’s largest asset manager told a UK parliamentary committee in written responses to an inquiry on the role of the financial sector in the UK’s net-zero transition.  

Asked if BlackRock supports a net-zero scenario in which “no new investment is needed in coal, oil, and gas,” the asset manager responded: “No.”, Reuters reported, citing dozens of statements from financial and environmental institutions the Environmental Audit Committee has received during the period of submitting evidence.   

“BlackRock’s role in the transition is as a fiduciary to our clients – it is not to engineer a specific decarbonization outcome in the real economy,” the asset manager added.  

BlackRock has faced criticism this year from both environmental campaigners for still investing in conventional energy and Republican-led U.S. states for what they see as a boycott of the U.S. energy industry.

In recent weeks, multiple U.S. states governed by Republicans have said they would withdraw state funds from BlackRock’s management, as they disapprove of the ESG investment policies of the world’s top asset manager. Over the course of just a few weeks, Louisiana, South Carolina, Utah, and Arkansas announced they would divest funds from BlackRock totaling more than $1 billion.

In early October, Louisiana State Treasurer John Schroder announced in a letter to BlackRock’s chief executive Larry Fink that he would divest all Treasury funds from BlackRock. Louisiana has removed $560 million to date and will pull out a total of $794 million by year’s end, Schroder noted.

For months now, Republican states have said they would no longer do business with asset managers who have ESG-aligned investment policies, which, the states say, show that those financial firms are boycotting the oil and gas industry.

Texas is leading the campaign against ESG policies. The Lone Star State published in August a list of financial firms that could be banned from doing business with Texas, its state pension funds, and local governments. 


By Tsvetana Paraskova for Oilprice.com

More Top Reads from Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News