BlackRock doubles down on oil and gas investments to settle pension fund concerns
The world’s biggest asset manager BlackRock has backed oil and gas firms and said it wants see the industries succeed, as it looks to fend off the risk of being dropped by Texas pension funds.
In a letter to investors, bosses at BlackRock said “we want to see these companies succeed and prosper,” in a letter that a spokesman confirmed was sent at the start of the year to officials, trade groups and others in Texas, Reuters reported.
“We will continue to invest in and support fossil fuel companies, including Texas fossil fuel companies,” wrote Dalia Blass, BlackRock’s head of external affairs, and Mark McCombe, BlackRock’s chief client officer.
The message comes as BlackRock faces a balancing act as it looks to push ahead with reducing the carbon footprint of its investment portfolio.
In line with BlackRock boss Larry Fink’s letter to CEOs in January, the investment manager doubled down on its commitments and said it would not divest from fossil fuel firms.
“We have not and will not boycott energy companies,” the letter said.