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BlackRock’s FUD Gets Worse With New Report on Climate Impact

Press Releases Crypto News BeInCrypto BlackRock’s FUD Gets Worse With New Report on Climate Impact

BlackRock can’t seem to catch a break. In recent days, the world’s largest asset manager has faced criticism for its record on the environment. A strange turn of events if you’ve been watching BlackRock’s socially conscious public stance over the past few years. The fear, uncertainty, and doubt (FUD) are not going away.

BlackRock is currently waiting for the SEC to approve its application for the first spot Bitcoin ETF in the United States. So anything that puts the asset manager in a bad light is cause for concern. Worse still, this report goes against BlackRock’s PR about being a climate-friendly organization.

BlackRock Criticized as It Drops the Term ‘ESG’

The financial giant received a less-than-complimentary C+ grade in InfluenceMap’s Asset Managers & Climate Change Report 2023. According to this study of the top 45 major asset managers, released on August 1, the industry has made little progress on climate goals since 2021.

That’s despite the rise of initiatives like Net Zero Asset Managers (NZAM). The NZAM initiative involves industry professionals who work towards the goal of achieving net zero greenhouse gas emissions by 2050 or before.

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This may come as a shock to those familiar with BlackRock’s pivot to environmental, social, and corporate governance (ESG) standards in recent years. The firm’s boss, Larry Fink, has been at the forefront of its adoption of socially conscious capitalism.

However, Fink told the Aspen Ideas Festival on June 25 that he has retired the term ESG as it has become too politicized. Observers will no doubt wonder whether they’ve scrapped the principles behind

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Author: Josh Adams

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