{"id":1929057,"date":"2023-05-11T16:40:56","date_gmt":"2023-05-11T20:40:56","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/blackrock-should-lose-permission-to-invest-in-utilities-because-of-esg-pushes-republican-ags-say\/"},"modified":"2023-05-11T16:44:12","modified_gmt":"2023-05-11T20:44:12","slug":"blackrock-should-lose-permission-to-invest-in-utilities-because-of-esg-pushes-republican-ags-say","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/blackrock-should-lose-permission-to-invest-in-utilities-because-of-esg-pushes-republican-ags-say\/","title":{"rendered":"Republican AGs argue BlackRock should be banned from investing in utilities due to ESG initiatives."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fblackrock-should-lose-permission-to-invest-in-utilities-because-of-esg-pushes-republican-ags-say%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1929057&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Republican Attorneys General Seek to Bar BlackRock from Investing in Public Utilities<\/h2>\n<h3>ESG Movement Sparks Controversy<\/h3>\n<p>Seventeen Republican attorneys general are calling for BlackRock to be barred from investing in public utilities due to the asset management company&#8217;s support of the environmental, social, and corporate governance (ESG) movement. The complaint, filed with the Federal Energy Regulation Commission and shared with The Daily Wire, seeks to remove BlackRock&#8217;s blanket authorization to purchase large shares in utility companies.<\/p>\n<p>The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/21-states-file-lawsuit-against-biden-to-overturn-controversial-canceling-of-keystone-xl-pipeline\/\" title=\"21 States File Lawsuit Against Biden To Overturn Controversial Canceling Of Keystone XL Pipeline\">attorneys general argue<\/a> that BlackRock is no longer a passive investor, but an environmental activist. They reference the firm&#8217;s membership in the Net Zero Asset Managers initiative and other moves to prompt portfolio companies toward eliminating carbon emissions. Critics of the ESG movement assert that <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/blackrock-should-lose-permission-to-invest-in-utilities-because-of-esg-pushes-republican-ags-say\/\" title=\"Republican AGs argue BlackRock should be banned from investing in utilities due to ESG initiatives.\">climate objectives artificially increase prices<\/a> as firms distance themselves from fossil fuels.<\/p>\n<h3>BlackRock CEO Responds<\/h3>\n<p>BlackRock CEO Larry Fink has stated that the company desires to &#8220;provide insights into how a changing climate&#8221; and the transition toward renewables may impact portfolios over time. BlackRock has taken &#8220;voting action on climate issues&#8221; against dozens of portfolio companies, according to an investment stewardship report.<\/p>\n<h3>Republican Officials Concerned with ESG Movement<\/h3>\n<p>The move from the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dems-include-money-for-abortion-providers-in-1-9-trillion-covid-aid-package\/\" title=\"Dems Include Money for Abortion Providers in .9 Trillion COVID Aid Package\">state attorneys general<\/a> is among several from Republican officials concerned with the ESG movement. They argue that the philosophy mingles political causes with core business objectives in a manner that compromises or distracts from profitability. <\/p>\n<p>Indiana Attorney General Todd Rokita, who initiated the complaint, said in a statement provided to The Daily Wire, &#8220;The public interest is served when investment companies build their business models on maximizing financial returns for clients. Conversely, the public interest is hijacked when these companies subjugate clients&#8217; financial interests to leftist fever dreams.&#8221;<\/p>\n<h3>Similar Motion Filed Against Vanguard<\/h3>\n<p>Republican attorneys general filed a similar motion with the Federal Energy Regulatory Commission last year against asset management behemoth Vanguard, after which the firm ended its association with the Net Zero Asset Managers initiative. The company nevertheless told clients that the move &#8220;will not affect our commitment to helping our investors navigate the risks that climate change can pose to their long-term returns.&#8221;<\/p>\n<p>BlackRock and Vanguard, along with fellow asset management firm State Street, maintain an average combined 20% stake in every Fortune 500 company.<\/p>\n<h3>ESG Movement and the Upcoming Presidential Election<\/h3>\n<p>Even as the ESG movement is slated to become a prevalent issue in the upcoming presidential election, especially in the Republican primary contest, one recent survey from Harvard University&#8217;s Center for American Political Studies and The Harris Poll found that 64% of respondents have not heard of the investment philosophy, although most voters agreed that investors should consider maximizing returns above other objectives.<\/p>\n<h3>Conclusion<\/h3>\n<p>The controversy surrounding the ESG movement and its impact on public utilities continues to be a hotly debated topic. As the presidential election approaches, it remains to be seen how the issue will be addressed by candidates and voters alike.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Seventeen Republican attorneys general contended that BlackRock should be barred from investing in public utilities because of the asset management company\u2019s support of the environmental, social, and corporate governance movement, also known as ESG. The complaint filed with the Federal Energy Regulation Commission and shared with The Daily Wire on Wednesday seeks to remove the<\/p>\n","protected":false},"author":99,"featured_media":1929058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[9550,4851,7066,7002,7003,13239,6478,3911,4658],"class_list":["post-1929057","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-ags","tag-argue","tag-banned","tag-blackrock","tag-esg","tag-initiatives","tag-investing","tag-republican","tag-utilities"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1929057","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1929057"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1929057\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1929058"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1929057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1929057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1929057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}