BlackRock Pushes Back against SEC’s ESG Proposal
Conservative and business groups complain because it penalizes oil and gas.
“The firm is pushing back on a key detail in a proposal to require managers to say more about how environmental, social and governance issues fit into strategies for funds that also consider myriad other factors. The result, BlackRock said in a letter this week to the US Securities and Exchange Commission, could mislead investors about how much ESG really matters when managers pick stocks and bonds.
Greenwashing is a term critics of ESG investing coined to describe exaggerated claims by the industry about their efforts to choose companies that support clean energy. What’s more, mutual fund and pension managers including BlackRock have been criticized by conservative groups for putting too much emphasis on ESG because it penalizes certain sectors, such as oil and gas.”
https://www.bloomberg.com/news/articles/2022-08-19/blackrock-warns-sec-s-plans-on-esg-disclosures-will-backfire