BlackRock, State Street Admit Signing Net-Zero Pledges They Don’t Act On

The Epoch Times Header

During a marathon ESG hearing, a state senator tells them: ‘You can’t serve two masters’

Texas state senators struggled for more than six hours last week to get straight answers from Wall Street giants BlackRock and State Street, two of the world’s largest asset managers, regarding what they are doing to compel companies whose shares they own to get in line with the ESG movement.

Having joined global Environmental, Social and Governance (ESG) clubs like Climate Action 100+ and the Net Zero Asset Managers initiative (NZAM), and signed pledges to leverage their voting power as the largest shareholders in 90 percent of the S&P 500 companies to “reach net zero emissions by 2050 or sooner across all assets under management,” the asset managers testified that, in reality, they are doing no such thing.

When asked by Senate Chairman Bryan Hughes to clarify BlackRock’s pledge to Climate Action 100+ “to secure commitments from companies to reduce greenhouse gas emissions consistent with the Paris Agreement,” BlackRock’s Head of External Affairs Dalia Blass responded that BlackRock merely talks to companies whose shares they own to learn about their “material risks and opportunities.”

“We participate in Climate Action 100 to engage in dialogue with other participants, market participants, governments so that we understand issues that are relevant to our clients,” said Blass, who recently joined BlackRock from the Biden Administration where she worked at the Securities and Exchange Commission (SEC). The motto of Climate Action 100+ is “Global investors driving business transition.”

“The website doesn’t say anything about engaging in dialogue in Climate Action 100,” Hughes responded. “BlackRock’s website says, ‘We have joined Climate Action 100 to help ensure the world’s largest greenhouse gas emitters take necessary action on climate change.’ True or false?”

To which, Blass responded, “Sir … what I can say … two things …”

Having repeated the question, Hughes asked, “Can BlackRock send us a witness who can tell us whether that’s a true or false statement on its website today?”

“Sir, if you pulled that off our website, then that is on our website,” Blass responded.

By Kevin Stocklin

Read Full Article on TheEpochTimes.com

Above Video: BlackRock’s Head of External Affairs Dalia Blass, State Street Global Advisors’ Chief Investment Officer Lori Heinel, and Institutional Shareholder Services’ Global Head of Investment Stewardship Solutions Lorraine Kelly appeared before the Texas Senate Committee on State Affairs to testify about their companies’ ESG practices.

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Columns

Why Fishermen Are Catching Fewer Lobsters in Maine

Independent operators remember the good times as they struggle...

Viewers like you

There is no constitutional authority for any spending on public broadcasting – period. Any questions: See Article 1, Section 8 of the U.S. Constitution.

Beyond the Trump-Musk fallout?

We are witnessing an unprecedented, unhinged Democrat effort to use lawfare, big Democrat donors, street theater, congressional disruptions, potty-mouth videos, the administrative state, the legacy media, and discredited pollsters to stop the Trump agenda.

Trans-wormal

No worm ever said "I am anthropomorphizing, I am a butterfly" to a toad or flock of geese and expected acknowledgement and support.

In Greenland’s Icy Capital, Past Troubles Haunt Hopes for the Future

As geopolitical realities and ongoing economic growth raise the stakes, U.S. interest in Greenland and the dream of independence may change things in a big way.

News

Citigroup Reverses Course on Controversial Firearm Policies

Citigroup reversed its policy requiring retail business clients to refrain from selling firearms to those who haven’t passed background checks.

Supreme Court Sides With DOGE in Social Security, Records Cases

The Supreme Court handed DOGE two big wins late on June 6 in its effort to reduce the size of the federal government.

Kilmar Abrego Garcia Returns to US to Face Criminal Charges

Kilmar Abrego Garcia, a citizen of El Salvador, is on his way back to the US, where he will face criminal charges for allegedly smuggling illegal immigrants.

White House Adviser Gives Update on DOGE’s Future Amid Musk–Trump Spat

A top White House adviser said DOGE’s work will likely continue amid a spat between its former chief, Elon Musk, and President Donald Trump.

Trump Administration Asks Supreme Court to Allow Dismantling of Education Department

Trump admin asked Supreme Court to allow it to resume dismantling U.S. Dept of Education, following a lower court’s previous order halting process.

FTC Warns of Rising Student Loan Scams, Says Fraudsters Took Millions From Borrowers

FTC is warning borrowers to steer clear of student loan debt-relief scams, after shutting down group of companies that allegedly charged millions in illegal fees and left customers worse off.

Walmart’s Drone Delivery Coming to 5 More US Cities

Walmart is set to launch its drone delivery service in five more U.S. cities: Atlanta, Charlotte, Houston, Orlando, and Tampa, the company.

Court Orders Trump Administration to Restore AmeriCorps Funding to States

Federal court ordered Trump admin to restore AmeriCorps funding to states. The ruling comes as part of a lawsuit filed by 24 states and DC.
spot_img

Related Articles