robot_pancake t1_itz8afz wrote on October 27, 2022 at 12:01 PM

Reply to comment by barrystrawbridgess in BlackRock HQ in NYC stormed with pitchforks. by helloworld_141

Thanks for the links!

How is it blackmail if companies and governments aren’t forced to purchase these funds? One of Tariq’s main points (first vid) is that purchasing an ESG fund doesn’t stop other institutions and larger market players from buying non-ESG funds, which softens divestment initiatives. Tariq also argues that investment is only part of the solution—carbon taxes, caps—whatever we call it—require governments and markets to be in lockstep to make meaningful change.

barrystrawbridgess t1_itz963r wrote on October 27, 2022 at 12:09 PM

Black Rock has some of the largest fossil fuel investments. Your company shouldn't invest in fossil fuels or we make you look bad. Meanwhile, Blackrock and Vanguard are increasing their interests in fossil fuels. Telling governments to not question them about it. That's the whole point of these "protestors".

https://www.oilandgas360.com/blackrock-raises-4-5-billion-for-climate-fund-amid-fossil-fuel-criticism/

https://www.oilandgas360.com/blackrock-tells-uk-no-to-halting-investment-in-coal-oil-and-gas/

sleeptrain123 t1_iu47ekl wrote on October 28, 2022 at 12:59 PM

A huge part of Blackrock’s AUM is passive index funds and ETFs, where you just own the whole market rather than picking specific investments. If they offer a fund that tracks the SP500, and the SP500 contains oil and gas companies, then the idea that Blackrock or any asset manager should just refuse to buy their shares, is absurd.

Also, much like the car companies who are pivoting to electric, the oil and gas companies will have a key role to play in moving away from fossil fuels. Equity capital exists, divesting from them doesn’t make it disappear, it just means someone else owns it. Asking Blackrock or any other asset manager to sell of their oil and gas holdings is absolutely meaningless