Big Oil Slammed With A $7 Trillion Reality Check — Alex Kimani

About a year ago, the world's largest asset manager BlackRock Inc. (NYSE:BLK) declared its intention to increase its ESG (Environmental, Social and Governance) investments more than tenfold from $90 billion to a trillion dollars in the space of a decade. Few took the investment firm seriously, given its spotty track record on climate action in the past.

But just in case investors thought BlackRock was bluffing as usual, the company recently issued a chilling update on its approach to engaging with companies, essentially saying it will abandon its traditional modus operandi of siding with boards of directors at companies but will instead start favoring shareholder resolutions.

Blackrock manages $7 trillion in global funds, making it the world's largest asset manager.

Oilprice
Big Oil Slammed With A $7 Trillion Reality Check

Alex Kimani