Lawmakers Are Waking Up To BlackRock’s Dual Loyalty, And Taking Action
Despite holding $85 billion in coal assets as of January last year, BlackRock has emphasized its commitment to reaching net-zero carbon emissions, a near-term pledge incompatible with a flourishing energy industry reliant on instantaneous power provided by fossil fuels. The commitment while fostering Chinese investment has prompted well-founded skepticism about whether BlackRock has the best interests of its clients at stake.
Last week, the educational nonprofit Consumers Research unveiled a multi-million-dollar campaign to expose BlackRock s close ties with the Chinese Communist Party (CCP). The watchdog published a new website on BlackRock s CEO, WhoIsLarryFink.com, and debuted new ads for TV and radio complemented by mobile billboards in New York City, where the firm is headquartered.