BlackRock CEO seeks common ground with Texas post ESG friction
![BlackRock CEO](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/02/GFRJfYtbMAEk_0v.jpeg)
BlackRock’s CEO Larry Fink aimed to connect with Republican officials at a Houston energy summit after Texas banned the asset manager due to its shift from fossil fuels.
Among other politically conservative states, Texas has limited its public pension funds from engaging with Wall Street firms like BlackRock that endorse environmental, social, and corporate governance (ESG) principles.
“That’s actually what sparked the idea for this summit. I told the Lieutenant Governor about some of the work we’d done,” Fink explained, referring to BlackRock’s effort to raise funds for Maui’s power grid after last year’s destructive wildfires in Hawaii.
BlackRock has invested over $1.2 billion in Texas energy, covering renewable energy and natural gas sectors.
Additionally, through its mutual and other funds, BlackRock holds investments totaling $125 billion in publicly listed energy companies based in Texas.
Last year, Fink mentioned he stopped using the term ESG, which includes various ethical business practices like reducing carbon emissions and addressing workplace discrimination, because it has become politically ‘weaponized.’
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