BlackRock’s Pitch for Socially Conscious Investing Antagonizes All Sides – The New York Times

In recent months, more than half a dozen Republican state treasurers and comptrollers have stepped up their attacks on BlackRock, which manages $8 trillion in assets and invests on behalf of hundreds of public pensions.

On Dec. 1, Florida’s chief financial officer said the state was pulling $2 billion from BlackRock because it was “undemocratic” for a big asset manager to try to change society. Eight days later, North Carolina’s treasurer called for Mr. Fink to resign because he had pushed corporations to cut carbon emissions.

At the same time, progressive critics are asking whether the E.S.G. mutual funds and exchange-traded funds pushed by BlackRock and other asset managers are any different from decades-old investment products given a green makeover. In September, New York City’s comptroller, Brad Lander, a Democrat, sent Mr. Fink a letter expressing concern that BlackRock was backsliding on its commitment to promote net-zero emission standards.

BlackRock’s Pitch for Socially Conscious Investing Antagonizes All Sides – The New York Times

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