Blackstone, the world’s largest private equity firm, disclosed that states’ scrutiny over potential “boycotts” of the fossil fuel industry could affect fundraising and revenues, according to the 2022 annual report it filed with the U.S. Securities and Exchange Commission last week. Divergent views on ESG increase the risk that action or inaction “will be perceived negatively by at least some stakeholders and adversely impact our reputation and business,” Blackstone said.
BlackRock chief executive Larry Fink has said Republican state treasurers last year pulled about $4 billion from the asset manager over ESG concerns. BlackRock and its rival State Street were berated for their ESG investing policies at a Texas legislative hearing in December. In annual reports, both companies also added new language this year about risks stemming from opposition to ESG.
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