Francis H Peirpont

Main Menu

  • West Virginia
  • Charleston
  • Raleigh
  • Huntington
  • Accounts

Francis H Peirpont

Header Banner

Francis H Peirpont

  • West Virginia
  • Charleston
  • Raleigh
  • Huntington
  • Accounts
West Virginia
Home›West Virginia›West Virginia drops BlackRock fund over anti-energy stance

West Virginia drops BlackRock fund over anti-energy stance

By Lisa R. Bonnell
January 17, 2022
0
0

Charlie Gasparino Speaks on ‘Cavuto: Coast to Coast’ as BlackRock China Investment Fuels Questions

West Virginia State Treasurer Riley Moore announced on Monday that his state will end the use of an investment fund BlackRock Inc. due to the company’s efforts for investment strategies. climate-focused projects that Moore says threaten his state’s economy.

“As Chief Financial Officer of the State and Chairman of the Board of Treasury Investments, I have a duty to ensure that taxpayers’ money is managed in a responsible and financially sound manner, which reflects the best interests of our state and our country, and I believe doing business with BlackRock is inconsistent with that duty,” Moore said in a statement.

West Virginia State Treasurer Riley Moore (West Virginia)

GASBUDDY ANALYST WARNS ‘IT’S GOING TO BE A BAD YEAR’ FOR PRICES

The Treasurer’s press release explained that the decision came in response to reports that BlackRock “has urged companies to adopt ‘net zero’ investment strategies that would harm the coal, oil and natural gas industries, while increasing investment in Chinese companies that subvert national interests and damage West Virginia’s manufacturing base and labor market.”

Last month, Consumers’ Research, an educational nonprofit, sent a letter to ten governors, including the governor of West Virginia, whose state pension funds are most invested with BlackRock, highlighting guard against the fund management company’s heavy investments in China.

“BlackRock’s channeling of billions of US capital into China carries risks not present in other markets, risks that threaten the big bets the company is placing on high Middle Kingdom yields” , wrote Will Hild, executive director of Consumers’ Research in the letter. .

“Chinese companies are not held to the same transparency standards as their Western counterparts, so foreign investors often struggle to appreciate the true risk profile of what they are investing in,” Hild added.

black rock

BlackRock offices in New York. Founded in 1988, BlackRock, Inc. is an American multinational investment management company. (Erik McGregor/LightRocket via Getty Images/Getty Images)

Teleprinter Security Last Change Change %
NOIR BLACKROCK INC. 848.60 -18.98 -2.19%

BLACKROCK INVESTMENTS IN CHINA: CONSUMER RESEARCH WARNS CONSUMERS AND GOVERNMENTS

A BlackRock spokesperson told FOX Business at the time that the United States and China “have an important and interconnected economic relationship.”

“We recognize that our stakeholders have different views on China – BlackRock takes these concerns seriously,” the spokesperson explained. “We seek to balance the concerns of our stakeholders with our role as a global investor and fiduciary working for our clients as we navigate this very complicated relationship between the United States and China. Our approach to investments related to the China is consistent with US foreign policy.”

BlackRock, the world’s largest fund manager with over $10 trillion in assets under management, announced in January 2021 that it was committed to supporting the goal of achieving net zero gas emissions at greenhouse effect by 2050 or earlier. The company has made no secret of its commitment to decarbonization and sustainability.

In 2020, the asset management giant rolled out a series of climate-focused exchange-traded funds that screen companies with a certain level of investment in certain energy sectors such as coal and shale oil that environmentally conscious investors want to avoid.

BlackRock states on its website that its net zero initiative is important because “climate risk will fundamentally reshape finance and drive a significant reallocation of capital”, adding that the company believes “a successful and orderly net zero transition is in the pipeline.” financial interest” of their customers “and the economy as a whole”.

Larry Fink Black Rock

Larry Fink, CEO of BlackRock Inc., gestures as he speaks during a Bloomberg event on the opening day of the World Economic Forum (WEF) in Davos, Switzerland, Tuesday, January 21, 2020. (Photographer: Simon Dawson/Bloomberg via Get (Photographer: Simon Dawson/Bloomberg via Getty Images/Getty Images)

BlackRock CEO Larry Fink says the firm’s sustainable investing strategies are in high demand. He said on the company’s recent fourth quarter earnings call that “we’ve already seen $4 trillion of capital shift from traditional to sustainable investments in the past two years alone, and this is just the beginning. “.

CLICK HERE TO LEARN MORE ABOUT FOX BUSINESS

West Virginia is the second largest coal producer in the United States and the state ranks fifth in total energy production. About 4.6% of the state’s energy production comes from renewables such as hydroelectricity and wind power, according to the state’s Department of Economic Development.

BlackRock did not immediately respond to FOX Business’ request for comment on the West Virginia move.

Related posts:

  1. States ranked by average firearm injury hospitalization
  2. Senator Joe Manchin said he wanted to ‘stay and fight’ during the Capitol riots
  3. West Virginia governor stumbles hard to defend anti-trans bill
  4. Cypress Elementary accepts book donations in memory of beloved teacher
Tagspress releaseunited stateswest virginia

Recent Posts

  • Four climbers participated in the Bell Canadian Track and Field Championships
  • Charleston Airport Sets New One-Month Passenger Record, Surpassing 500,000 for the First Time | Company
  • Raleigh Women Shot Dead on Business Trip to California :: WRAL.com
  • Huntington Police Blotter: 2 women steal sandals for $2,700
  • Special session looms on West Virginia abortion law, but shape unclear

Archives

  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021

Categories

  • Accounts
  • Charleston
  • Huntington
  • Raleigh
  • West Virginia
  • Terms and Conditions
  • Privacy Policy