United States: Too environmentally friendly: State of Missouri withdraws $500 million from Blackrock

The company Blackrock is too environmentally friendly, it is said again and again by the quitters.

United States: Too environmentally friendly: State of Missouri withdraws $500 million from Blackrock

The company Blackrock is too environmentally friendly, it is said again and again by the quitters. Most recently, Louisiana had ended business relationships with the group. Now Missouri is withdrawing money from the wealth manager. According to a report by the Reuters news agency, it is a sum of 500 million dollars. Missouri Treasury Secretary Scott Fitzpatrick accuses the asset manager of focusing on environmental, social and good corporate governance (ESG) criteria - at the expense of returns.

Several US states had previously announced that they wanted to break off business relationships with Blackrock. These are republican states. At the beginning of October, Louisiana announced that it would withdraw almost 800 million US dollars. The opinions on whether Blackrock does too much or too little for environmental and climate protection are controversial. Environmentalists accuse the world's largest asset manager of being too careless when it comes to energy transition. Republicans, however, accuse the company of boycotting energy stocks.

"I'm being attacked equally from left and right now," Blackrock boss Larry Fink said last week, adding, "So I'm doing something right."

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