US House panel finds BlackRock, other asset managers leery of joining climate initiative
NEW YORK / BOSTON - Top U.S. asset managers worried that signing up to an industry climate initiative could make them appear to be working too closely together and draw regulatory scrutiny, according to a report released Friday by a Republican-led U.S. Congressional Committee.
Top fund firms have denied wrongdoing, but material cited in the report shows they had always been concerned about appearing too cozy with shareholder groups engaged in climate activism.)'s view in 2019 was that"We don't do collective action/engagements. Too risky," according to the report, citing an e-mailed summary of a meeting that unidentified BlackRock executives held with Ceres, a Boston-based environmental advocacy group, obtained by the committee.
Republican officials, many of them from oil and gas producing states, have objected to investors coordinating to pressure corporate management on climate issues at the expense of corporate growth and returns. U.S. president-elect Donald Trump campaigned against President Joe Biden's moves to fight climate change and promised to boost U.S. oil and gas production. In theory Trump's administration could follow up on the congressional committee's findings. A spokesperson for the committee declined to comment on what if any talks it may have had with current or future administrations.
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