BlackRock CEO reaffirms investment in oil and gas amidst controversy

BlackRock CEO Larry Fink reiterated the firm’s commitment to investing in oil and gas companies, emphasizing that they have never supported divesting from traditional energy firms. Fink’s statements come days after a Texas retirement system withdrew $8.5 billion from BlackRock, alleging the firm’s engagement in a “boycott” of the fossil fuel industry.

In his annual shareholder letter, Fink defended BlackRock’s energy investments, stating that they prioritize their clients’ preferences, including investments in hydrocarbons. While the recent withdrawal from the Texas fund may not significantly impact BlackRock financially, Fink argued for a more nuanced view of the company’s investment strategies.