Black stones CEO Inc. Larry Fink said he is not against oil companies, directly addressing attacks on his company from a growing group of Republican-led states.
New York-based BlackRock, the world’s largest asset manager, still invests billions of dollars in oil and gas companies, Fink reiterated at the Institute of International Finance’s annual membership meeting on Wednesday. He added that he doubts they “will be part of the solution” in the transition to clean energy.
Unfortunately, “the facts don’t matter for some subgroups in this country,” he said.
His company has become a lightning rod for political controversies in recent months. It focuses on sustainable investments, Fink sends annual letter to American companydrew outrage in the red states, prompting the company to look down on the oil and gas industry.
Louisiana is withdrawing nearly $800 million from the BlackRock fund, and several officials in Texas have sought to move money or business away from it. Nineteen attorneys general from states including Arizona, Kentucky and West Virginia also criticized BlackRock for pursuing a “climate agenda” as opposed to generating profits for state pensions.
Fink lamented that he also faced criticism from the other end of the political spectrum, including in New York City, where moderators sent out a letter expressing concern that BlackRock was backing away from its carbon emissions commitments.
“I’m being hit equally by the left and right right now, so I hope I’m doing something right,” Fink said.
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