The European Commission wants to pay the world’s largest financial asset manager and major investor in fossil fuels – BlackRock – for advice on environmental rules for banks.

This deal must be stopped!

Why?

What is BlackRock?

What are the risks for conflicts of interest?

BlackRock has a history of blocking progress on environmental issues and is linked to some of the planet’s worst polluters such as Exxon Mobil, Shell, and BP. This makes the deal problematic both in terms of conflicts of interest and the EU’s claims to be leading on climate action.

BlackRock has a stake in many global and European banks and has previously been opposed to moves towards sustainability in the banking system. Their opinions therefore risk being strongly-biased. If you needed suggestions on new rules for banks, is this who you would you ask?
Also among the world’s top financiers of the weapons industry, BlackRock invests billions in military contractors whose arms cause untold human suffering and death around the world. Are these warmongers and profiteers really who we want setting the agenda in the EU Green Deal?

The Commission will pay BlackRock’s Financial Markets Advisory arm €280,000 for their advice and them getting to influence reforms for the banking sector. Mad idea… but surely this money could be better used in EU programmes for healthcare, education, or climate action?

Sometimes called the most powerful man in the world, BlackRock’s CEO Larry Fink has recently been cosying up to Trump and getting lots of trumpian praise. Fink has long been committed to privatising the US social security system. The Covid-19 crisis might just be his big chance.

Manon Aubry:

“By confirming BlackRock as its sustainable finance advisor, the European Commission proved yet again that in European policy making, neither conflicts of interests nor the European Parliament’s outrage matter.”

Martin Schirdewan:

“BlackRock has invested hundreds of billions in fossil fuels. The fact that they are supposed to advise the Commission on green investment is a farce.”