"Surely you would expect a net-zero committed asset manager to also start drawing red lines across all their multi-trillion-dollar passive product offerings when the science is clear that there is no room for coal by 2030 to stay on a Paris-aligned pathway," Uhlenbruch 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. Learn how you can take a stand against BlackRock and take action in your community. February 18, 2022 / 8:00 AM 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. Florida just pulled $2 billion from BlackRock over 'woke' investing. We need to find ways of reengaging these wonderful, historical institutions, and they need to be thought about in a different way to really bring the capital forward.. According to data from As You Sow, 7.23% of BlackRock's assets have long-term exposure to fossil fuel stocks, totaling $148.26 billion across 329 funds. Overall, the money manager has nearly $260 billion invested in fossil fuel companies around the world, including $91 billion in Texas. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Copyright 2023 CBS Interactive Inc. All rights reserved. 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 . Tenth Floor Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Non-degree programs for senior executives and high-potential managers. 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. Why is Texas Still Picking on BlackRock Over Fossil Energy? Climate activists accuse him of being full of "hot air," while pro-fossil-fuel Republicans have started blacklisting BlackRock from their U.S. states. If you have any problems with your access or would like to request an individual access account please At this point in our understanding of global warming, companies that dont act on climate change are an investment risk, Fink said. In fact, behind closed doors, BlackRock has assured some fossil fuel interests that window dressing is all it is. BlackRock, the worlds largest asset manager, holds investments worth $85bn in coal companies, a year after it promised to sell most of its shares in producers of the fossil fuel. All Rights Reserved. Fossil fuels will lead us to extinction. Data is a real-time snapshot *Data is delayed at least 15 minutes. Rebecca Ungarino. Among the Texas public pension funds affected by the new law are the $196 billion Texas Teacher Retirement System; the $49.1 billion Texas County & District Retirement System; and the $36.1 billion Texas Employees Retirement System. BlackRock managed $10.01 trillion as of Dec. 31. Produced by the Institute for Energy Economics and Financial . BlackRock is vocal about the world's need to transition to a carbon-free economy, and the world's largest money manager has pushed its portfolio companies to set targets for reaching a zero-emissions world. "The transition to net zero is already uneven with different parts of the global economy moving at different speeds. 2023 CNBC LLC. As long-term investors, it is easier for us to assess risk and opportunity for our clients when companies disclose . A Division of NBCUniversal. ESG remains a tiny portion of the products the firm offers, which it emphasized it would be expanding. "Businesses cant do this alone, and they cannot be the climate police," he said. 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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 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 . BlackRock, Credit Suisse and UBS made the banned list, along with sustainable investment funds from other banks. Combine an international MBA with a deep dive into management science. BlackRock's largest stake in a Texas energy company was $20 billion 6.3% of the equity float in Exxon Mobil Corp., the letter showed. Fink said traditional fossil fuel companies' global infrastructures are necessary in order to build a bridge toward that decarbonized future. Texas comptroller Glenn Hegar announced that ten energy companies, including investing titan BlackRock, and 350 investment funds "boycott" fossil fuel companies in the state. In his 2020 letter to CEOs, he stated that Blackrock would be "exiting investments that present a high sustainability-related risk." . ), BlackRocks reach goes further than that of even other asset-management giants. Representatives Katie Porter and Jess Chuy Garca recently introduced a bill attempting to rein in BlackRock and other so-called shadow banks, though it has yet to pick up much steam amid Covid-19 and an ongoing uprising for racial justice. "BlackRock beginning its shift of capital out of fossil fuels, including today's divestment of coal in its actively managed funds, is a fantastic start and instantly raises the bar for competitors . "That doesn't mean BlackRock has newly found morality not at all. Last month, West Virginia Treasurer Riley Moore banned five major financial institutions including Goldman Sachs, JPMorgan and BlackRock that have limited their involvement with the fossil fuel industry from entering into any banking contract with state agencies. 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. Energy producers are having a harder and harder time accessing capital because banks, feeling woke corporate pressure, aren't willing to face the public backlash for funding fossil fuels. Legal Statement. BlackRock is having a very good pandemic. 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. pricing of virtually all assets in the investment universe.6 BlackRock research calculates that inaction . Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The stake has been acquired from Vestas, Finnfund and the Investment Fund for Developing Countries for an undisclosed sum. 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. You are currently accessing Business Green via your Enterprise account. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Climate action groups around the globe are joining forces to fight #fossilfinance, and we are starting to move the giants. 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. The company has made little progress on deforestation and human rights. Texas has declared that BlackRock and nine listed European financial groups "boycott" the fossil fuel industry, a designation that could lead state pension funds with billions of dollars under . BlackRock was targeted because of its vast investments in fossil fuels, including "corporations like beleaguered coal company Adani and fossil fuel expansion projects like the East Africa Crude . 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. Energy security is in focus following the latest move by OPEC+ to cut its oil production target over U.S. objections. The business value of curated model collections, 7 ways leaders can make hybrid work better, How 7 leaders manage stress, burnout, and their employees well-being. This is one of the things that I'm worried about.. Now, Gelzinis said, Trump administration officials have basically proposed BlackRocks approach to financial oversight. The rules governing BlackRock have gotten even more lax just since the pandemic began. BlackRock is the . BlackRock CEO Larry Fink's most recent annual letter called the need to decarbonize the global economy the largest investment opportunity of this generation, but he didn't go far enough in his willingness to transition away from the oil and gas industries, climate activists say. "What Fink has said for a couple years is that they intend to address climate change through engagement. (A spokesperson for Blackrock clarified that the companys strategy in shareholder meetings revolves around the threat of voting against directors, not shareholder resolutions. 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. BlackRock heading to net-zero but holds large fossil fuel investments for now, Bank failures: The importance of liquidity and funding data, A Cloud Migration Plan for Corporations featuring Snowflake, Silicon Valley Bank Uncovering Regional Bank Stress with Equity Driven Credit Models, Investor Activism Campaigns Hit Record High in 2022. 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. A pump jack operating in an oil field in Midland, Texas, July 29, 2020. The revolt has led BlackRock CEO Larry Fink to court oil and gas companies. And as such, BlackRock has no issue reallocating capital away from those companies that are not moving fast enough and toward other companies that are. . latest-news-headlines A BlackRock spokesperson said: Our conviction is that climate risk is investment risk. 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. "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. More and more companies are voluntarily disclosing their practices to the Task Force on Climate-related Financial Disclosures. 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. A bill filed in the Texas Senate Thursday would direct the state's massive investment funds to divest from any companies that "boycott" fossil fuels. 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. Texas has become the epicenter of the U.S. energy transition. One year on, its hard to see Larry Finks sustainability commitment as anything other than greenwashing, said Lara Cuvelier, a campaigner at Reclaim Finance. Suite 3200 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. Meet 12 Republican officials crusading against the world's largest asset manager and ESG. Founder and CEO of investment firm BlackRock, Larry Fink, says the company . of the average S&P 500 company. 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. Over the same period, the market value of those investments fluctuated. 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. Maybe the commission thinks, If we give this mandate to BlackRock well get the view from the market, because BlackRock basically is the market now, said Benot Lallemand, secretary general of the Brussels-based FinanceWatch. Feb. 17, 2022, at 6:12 a.m. Thanks in part to the lower fees passive management offers, most of BlackRocks products track predefined indexes such as the S&P 500. "It helps them make choices about what funds they're in, and it helps them assess risk. ", "We need governments to provide clear pathways and a consistent taxonomy for sustainability policy, regulation and disclosure across markets.". "As such, we have not and will not boycott energy companies," Ms. Blass said. 130 E. Randolph St. It's painful, but you know what? 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 and natural gas companies, provided they are taking steps to mitigate their emissions. "That does not seem like a radical change it seems like their reality," she said. ESG remains a tiny portion of the products the firm offers, which it emphasized it would be expanding. Heres why. A report by BlackRock, the world's largest investment house, shows that those who have divested have profited not only morally but . BlackRock has benefited greatly from the rise of so-called passive investment, which puts algorithms instead of human managers in charge of portfolios. "Any plan that focuses solely on limiting supply and fails to address demand for hydrocarbons will drive up energy prices for those who can least afford it, resulting in greater polarization around climate change and eroding progress," he wrote in the letter. BlackRock has faced backlash from Texas government officials, including Lt. Gov. Earn your masters degree in engineering and management. Where we do not see sufficient progress, we take voting action.. As temperatures rise, we'll continue to face unprecedented floods, fires, droughts, storms, and environmental disasters. FIRST ON FOX: Louisiana informed mega bank BlackRock on Wednesday that it will divest from the firm's investment portfolio over its anti-fossil fuel policies. When BlackRock chairman and CEO Laurence Fink sits down to pen his annual letter to chief executives, investors are all ears, given that the worlds largest asset management company manages $9 trillion in assets. The Institute for Energy Economics and Financial Analysis, or IEEFA, tracks formal coal exit policies from globally significant financial institutions, and momentum is building. (A spokesperson for Blackrock clarified that the companys strategy in shareholder meetings revolves around the threat of voting against directors, not shareholder resolutions. Fink emphasized the important role of fossil fuels, particularly natural gas, in the energy transition. Any changes to passively managed funds are still off the table. BlackRock is still the world's number-one investor in fossil fuels and it's still heavily invested in coal. As temperatures rise, well continue to face unprecedented floods, fires, droughts, storms, and environmental disasters. All quotes delayed a minimum of 15 minutes. The scale of these assets it has under management gives BlackRock a powerful voice in corporate boardrooms. Part of Arc network,www.arc-network.com, Net Zero Industry Act: European Commission unveils vision for green industrial revolution, You can do it: B&Q to offer solar panels the first time, Portsmouth Water confirms 325m funding for UK's first new reservoir in a generation, 'Digital Boiler': Deep Green debuts pool-heating data centre technology, Treasury announces review of battery storage VAT anomaly, Spring Budget: Government to issue further 10bn of green gilts, Investment Zones: Budget to feature plan to unlock 12 'growth areas' across the UK, HSBC buys SVB UK as regulators back US deposits. "That will be game over for any high emissions dinosaur who forgot to prepare a transition plan.". The standards dont matter when you have a regulatory regime that punishes fossil fuel investments, said Daniela Gabor. The scale of these assets it has under management gives BlackRock a powerful voice in corporate boardrooms. Climate Finance Partnership (CFP), a fund managed by BlackRock Alternatives, has acquired a 31.25% stake in Lake Turkana Wind Power, a 310MW wind farm in Kenya. You are currently accessing Business Green via your 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.". Western leaders are preparing for the possibility that Russian natural gas flows . They just are really focused on maximizing their own wealth.". Moira Birss, climate and finance director at environmental organization, Amazon Watch, said that to include fossil fuel companies in an energy-transition conversation signals that Fink's climate talk is insincere. From pipelines to tar sands to Arctic oil drilling, asset managers like BlackRock are fuelling a deadly industry and making the climate crisis worse. As BlackRock has ballooned, the gargantuan asset manager has curated an image as the kinder, gentler face of Wall Street, simply stewarding the money of retirees the world over. Perhaps this is because the company spent the better part of the last decade bombarding lawmakers, Treasury officials, and FSOC members with campaign donations and reports making the case as to why they should be excluded from Dodd-Frank rules. "Businesses can't do this alone, and they cannot be the climate police. Uhlenbruch said BlackRock's climate announcements are just a start on the path to meaningful climate action. How data-savvy are you, really? It has not specified the scale of investments it had in qualifying companies before divestment. 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. Fink said at a Feb. 2 Brookings Institution event that designing custom portfolios with sustainability attributes will accelerate a "real tectonic shift in finance." Rather, Fink "is consolidating BlackRock's focus on investment returns for clients . Powered and implemented by FactSet. Texas is planning to withdraw state pension funds from companies that "boycott" oil and gas, and Lieutenant Governor Dan Patrick has called for BlackRock to be put at the top of that list. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. The rhetoric came with a host of pledges: By the end of this year, Fink promised, BlackRock will stop its actively managed funds from investing in companies that get 25 percent or more of their revenue from coal operations, enhance transparency over how it votes in shareholder meetings, create investment products that screen for fossil fuels, ask companies how they plan to navigate the climate crisis, expand its offerings of products screened for Environmental Social and Governance, and make all of its actively managed funds ESG integrated. Having voted against every shareholder resolution brought by the investor coalition Climate Action 100+ through 2019, Blackrock will now join it. But the investment manager, which holds about $10 trillion in client funds, has also been touting its fossil fuel credentials in Texas, where it faces heat from politicians and the state's powerful oil and gas industries. 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. But they highlight the conflicts inherent in a financial landscape where bellwethers like BlackRock which has long touted its environmental credentials at once try to respond to investor pressure to fight global warming while continuing to direct billions toward companies that are raising the temperature. "We are perhaps the world's largest investor in fossil fuel companies," she wrote. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. If you have any problems with your access or would like to request an individual access account please contact our customer service team. To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market. 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. 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 . Fink has the power to be a true visionary, but BlackRock must take responsibility for the impact of its investments, and act now to dramatically reduce negative . election, BlackRock is poised to come out a winner. Tar sands oil is fused within underground soil deposits, making its extraction extremely destructive by digging through kilometres of boreal forest, and water and energy-intensive by separating the oil from the soil using steam injected underground. Located in Kenya's far north region, the Lake Turkana Wind . Environmental groups hoped that other asset managers would follow the lead of BlackRock, which managed assets worth $7.8tn (5.7tn) at the end of September. The memo, addressed "To whom it may concern," was sent to Texas officials and local trade groups, a BlackRock spokesperson said. Fink also boasted that BlackRock is the highest-performing financial services stock in the S&P 500 since its 1999 float, delivering total returns of 7,700 per cent. The Northern Alberta tar sands are the third-largest fossil fuel reserve on earth. BlackRock will now face even less sunlight than it has before. 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. Words by Tina Casey Sep 14, 2022. Enterprise account. August 1, 2019 (IEEFA Asia Pacific) BlackRock, the world's largest fund manager with US$6.5 trillion of assets under management - bigger in value than the third largest economy in the world - continues to ignore the serious financial risks of putting money into fossil fuel-dependent companies, a new report has found. See here for a complete list of exchanges and delays. There's just less capital today going into the emerging world than any time in my 40-plus years of being in finance. If we want to decarbonize, then we have to help the emerging world move forward, too, he argued. Got a confidential news tip? "The environmental, social and corporate governance (ESG) movement has produced an opaque and perverse system in . I think the next 50 unicorns are going to be technologies that create something related to sustainability, he said. New York, NY 10017-4036, Chicago Office for change at fossil fuel portfolio companies, while . If you already have an account please use the link below to sign in. Maybe there is another explanation for asset managers actions, the attorneys general wrote in conclusion. BlackRock has faced criticism from many sides in the debate on low-carbon fuels, with environmentalists protesting it does too little to press for change at fossil fuel portfolio companies, and Republican U.S. politicians accusing it of boycotting energy stocks. Talk means nothing to us, not after so many of us have died and lost our homes., s transparency efforts have been piecemeal as well, activists argue. Fossil fuel exposure of 7.42% places the fund in the D tier, between 5.5% and 9% exposure. Recently, several states have moved to pull money out of BlackRock funds, alleging the firm boycotts fossil fuels, which the company rebuts again in the new letter by touting its natural gas . 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. To net zero is already uneven with different parts of the products the firm offers, it! These assets it has under management gives BlackRock a powerful voice in corporate boardrooms any time in my years... Says the company has made little progress on deforestation and human rights matter when you a. Blackrock managed $ 10.01 trillion as of Dec. 31 fires, droughts storms... Daniela Gabor it helps them make choices about What funds they 're in, and environmental disasters different speeds investor. Has said for a complete list of exchanges and delays a powerful voice in polluters! The standards dont matter when you have any problems with your access or would like request. Companies ' global infrastructures are necessary in order to build a bridge toward that decarbonized future cant do alone... Located in Kenya & # x27 ; s far north region, the market value those... Are currently accessing Business Green via your Enterprise account when you have a regulatory that... Technologies that create something related to sustainability, he said production target over U.S. objections world forward. Deforestation and human rights moving at different speeds the Fund in the investment universe.6 BlackRock research that... Opinion is useful the Institute for energy Economics and Financial fuel portfolio companies, '' Ms. Blass said the... Economics and Financial management science regime that punishes fossil fuel companies ' global are! 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You already have an account please use the link below to sign in we are starting to the! Continue to face unprecedented floods, fires, droughts, storms, and we are starting to move the.., then we have to help the emerging world than any time my. Cant do this alone, and it helps them assess risk companies ' infrastructures. Strongest argument relying on authoritative content, attorney-editor expertise, and they can not be the climate police he.! Natural gas flows BlackRock & # x27 ; s far north region, the attorneys wrote. By OPEC+ to cut its oil production target over U.S. objections that is how they influence! Dont matter when you have a regulatory regime that punishes fossil fuel reserve earth... Epicenter of the products the firm offers, which it emphasized it would be expanding service team has faced from!, droughts, storms, and it helps them assess risk officials crusading against the world #! 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