BlackRock made a climate pledge. Then it appointed a Saudi oil executive to its board | CNN Business

BlackRock, which had $9.4 trillion assets under management at the end of June, announced Monday that Nasser’s post as an independent director — which is effective immediately — reflected “the importance of the Middle East” to its long-term strategy.

5 billion venture capital fund to invest in sustainable technologies globally, including carbon capture and storage and hydrogen fuels. Even so, in December 2021, Nasser urged global leaders to continue investing in fossil fuels, arguing that the world cannot switch to clean energy overnight. “Admitting this reality will be far easier than dealing with energy insecurity, rampant inflation and social unrest as prices become intolerably high.

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Breakingviews - BlackRock’s Aramco embrace makes sense in a vacuumBlackRock is embracing the world’s largest oil company. The $109 billion asset manager run by Larry Fink said on Monday it would add Saudi Aramco Chief Executive Amin Nasser to its 16-strong board. Cozying up to the boss of the state-controlled energy giant could invite a political firestorm at home. But judged through an investment lens the appointment makes sense.
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