Submitted by helloworld_141 t3_yemqwz in nyc
barrystrawbridgess t1_itz963r wrote
Reply to comment by robot_pancake in BlackRock HQ in NYC stormed with pitchforks. by helloworld_141
Black Rock has some of the largest fossil fuel investments. Your company shouldn't invest in fossil fuels or we make you look bad. Meanwhile, Blackrock and Vanguard are increasing their interests in fossil fuels. Telling governments to not question them about it. That's the whole point of these "protestors".
https://www.oilandgas360.com/blackrock-tells-uk-no-to-halting-investment-in-coal-oil-and-gas/
sleeptrain123 t1_iu47ekl wrote
A huge part of Blackrock’s AUM is passive index funds and ETFs, where you just own the whole market rather than picking specific investments. If they offer a fund that tracks the SP500, and the SP500 contains oil and gas companies, then the idea that Blackrock or any asset manager should just refuse to buy their shares, is absurd.
Also, much like the car companies who are pivoting to electric, the oil and gas companies will have a key role to play in moving away from fossil fuels. Equity capital exists, divesting from them doesn’t make it disappear, it just means someone else owns it. Asking Blackrock or any other asset manager to sell of their oil and gas holdings is absolutely meaningless
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