The comments were widely seen as a signal that the asset manager, whose clients have entrusted $10tn to its care, would wield its investment clout to support greener ventures.
He said that it was “nice to hear that BlackRock didn’t mean – or no longer believes – many of the disagreeable things the company and … Mr Fink have said about the oil and gas industry”. “BlackRock has been clear and consistent since January 2020 that climate risk is an investment risk that will impact returns in investors’ portfolios as companies navigate both the physical and transition risk associated with climate.
But Anusha Narayanan, climate campaign manager at Greenpeace USA, said it appeared BlackRock was “trying to have their cake and eat it”. While BlackRock walked the line between greener investments and staying on the right side of oil industry advocates, US banks have faced similar pressure from oil-rich states, in one case apparently forcing a change of policy.