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