BlackRock, State Street Admit Signing Net-Zero Pledges They Don’t Act On
News Analysis
Texas state senators struggled for more than six hours last week to get straight answers from Wall Street giants BlackRock and State Street, two of the world’s largest asset managers, regarding what they are doing to compel companies whose shares they own to get in line with the ESG movement.
Having joined global Environmental, Social and Governance (ESG) clubs like Climate Action 100+ and the Net Zero Asset Managers initiative (NZAM), and signed pledges to leverage their voting power as the largest shareholders in 90 percent of the S&P 500 companies to “reach net zero emissions by 2050 or sooner across all assets under management,” the asset managers testified that, in reality, they are doing no such thing….