BlackRock responds to anti-ESG movement, “disturbed” by the trend
The August 4 letter from the attorneys general was organized by Arizona Attorney General Mark Brnovich, who in a press release on that date said he was leading the 19-state coalition in “exposing its practices of placing left-wing politics above the interests of investors and Retour.”
Since that letter, BlackRock came under further criticism when on August 24, Texas Comptroller Glenn Hegar included BlackRock on a list of 10 financial companies he determined were “boycotting energy companies.”
Mr. Hegar is responsible for implementing a 2021 state law that prevents state pension funds and other state entities from investing in companies that divest from fossil fuels.
In her letter on Wednesday, Ms Blass reiterated the company’s earlier comments that it “is not boycotting energy companies or any other sector or industry.”
“As we previously noted, BlackRock, on behalf of our clients, is one of the largest investors in public energy companies and has invested hundreds of billions of dollars in these companies globally, including approximately $170 billion invested in American companies,” she said. .
She went on to say that the manager has invested in a wide range of global energy businesses, which “involve a diverse mix of energy sources, including natural gas and renewable energy sources, as well as decarbonization that requires capital to scale Such large investments and cooperation with companies in the energy sector, ranging from international corporations to entities dedicated to serving local communities in your states, is totally at odds with any notion of a boycott.”
Ken Paxton, Attorney General of Texas, was one of the signers of the Aug. 4 letter.