Republicans say “Woke” Wall Street is boycotting fossil fuels. The numbers prove otherwise.

Asked about this statistic and whether there might be a legitimate business case for financial institutions to take money out of fossil fuels, Isaac said, “Well, 2019 was a bad year.” and highlighted the Covid-19 related closures. After clarifying that the pandemic started in 2020, he said, “I guess I didn’t realize 2019 was a bad year for them.

But it’s not just 2019 or 2020 that has been bad for drillers. For the past decade, energy has been the worst performing sector on the S&P 500 Index. Isaac pinned this on BlackRock, which owns 9 percent of the average S&P 500 company and has been outspoken about its climate commitments, having joined the Net-Zero Asset Managers Alliance, or NZAMA, last year alongside other “big three” asset managers Vanguard and State Street. Like BlackRock reiterated in response to the Texas bill, it has invested nearly $260 billion in fossil fuel companies worldwide, including $91 billion in Texas. It holds $85 billion shares of companies that derive less than a quarter of their revenue from coal. “We are perhaps the world’s largest investor in fossil fuel companies, and as a long-term investor in these companies, we want to see these companies succeed and prosper,” said Dalia Blass, Chief Business Officer exteriors of BlackRock, in a press release. letter sent to state officials in January.

It would be hard to argue that this constitutes “divestment” from energy companies. “They certainly don’t divest, but they can sanction, and that may not be in the best interests of shareholders,” Isaac said. He argues that the problem is financial institutions like BlackRock “using their power and influence to force companies to abide by the Paris Agreement, which is not the law of the land of the United States. in my opinion, companies have to comply with something that is a sanction of their industry. (Only national governments can join the Paris Agreement.)

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