It said: "We are not likely to support those that in our assessment, implicitly are intended to micromanage companies. In recent months, the asset manager has said that Russia’s invasion of Ukraine has impacted the transition to net-zero, adding that short-term investment in traditional energy sources is now required to boost security.īlackRock’s latest stewardship report also stated that the company will not support proposals that could lead to companies being "micromanaged". In Texas, the asset manager has denied suggestions by state officials that it boycotts fossil-fuel companies through its advocacy for sustainable investing. However, BlackRock has been a target of criticism from both climate activists and those who promote a more gradual transition to green energy. The decision to distance itself from “prescriptive” climate change policies comes as institutional investors face criticism for allegedly pushing political agendas. Companies, investors, and governments must prepare for a significant reallocation of capital.” Blackrock has ballooned to manage just under $10 trillion (£7.3 trillion) in assets, giving the company significant stakes and influence in many of the world’s largest corporations.
Even if only a fraction of the projected impacts is realised, this is a much more structural, long-term crisis. Mr Fink said: “Climate change is different. He also warned that climate change posed the biggest ever risk to financial markets. In January 2020, Mr Fink said “climate risk is investment risk” as he positioned BlackRock as a leader in ESG investing. The company said it was concerned about proposals to stop financing fossil fuel companies, including forcing them to decommission assets and setting absolute targets for reducing emissions in their supply chains. It comes after the asset manager warned last month that it will vote against most shareholder resolutions on climate change this year as they are too extreme. In an interview with Bloomberg TV, he said: “I don’t want to be the environmental police.” Mr Fink’s comments represent a significant u-turn for BlackRock which has been at the forefront of Wall Street’s push to focus on environmental, social and governance (ESG) investing. Larry Fink, head of the world’s largest money manager, said that it is wrong to ask the private sector to ensure that the companies they invest in are doing their part to combat climate change. BlackRock’s chief executive has warned it will not act as “the environmental police” in the latest sign the asset manager is shying away from green activism.
0 kommentar(er)
