West Virginia dumps BlackRock fund over anti-energy stance

West Virginia dumps BlackRock fund over anti-energy stance

1/18/2022 12:30:00 PM

West Virginia dumps BlackRock fund over anti-energy stance

The state of West Virginia will no longer use a BlackRock Inc. investment fund due to the firm's push for climate-focused strategies that state Treasurer Riley Moore says threaten the state's economy

West Virginia state Treasurer Riley Moore announced Monday that his state would end the use of aBlackRock Inc.investment fund over the firm's push for climate-focused investment strategies that Moore says threaten his state's economy."As the state’s chief financial officer and chairman of the Board of Treasury Investments, I have a duty to ensure that taxpayer dollars are managed in a responsible, financially sound fashion which reflects the best interests of our state and country, and I believe doing business with BlackRock runs contrary to that duty," Moore said in a statement.

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Charlie Gasparino weighs in on 'Cavuto: Coast to Coast' as BlackRock's China investing fuels questions West Virginia state Treasurer Riley Moore announced Monday that his state would end the use of a BlackRock Inc. investment fund over the firm's push for climate-focused investment strategies that Moore says threaten his state's economy. "As the state’s chief financial officer and chairman of the Board of Treasury Investments, I have a duty to ensure that taxpayer dollars are managed in a responsible, financially sound fashion which reflects the best interests of our state and country, and I believe doing business with BlackRock runs contrary to that duty," Moore said in a statement. West Virginia State Treasurer Riley Moore ( West Virginia ) GASBUDDY ANALYST WARNS ‘IT’S GOING TO BE AN UGLY YEAR' FOR PRICES The treasurer's press release explained that the decision came in reaction to reports that BlackRock "has urged companies to embrace ‘net zero’ investment strategies that would harm the coal, oil and natural gas industries, while increasing investments in Chinese companies that subvert national interests and damage West Virginia's manufacturing base and job market." Last month, educational nonprofit Consumers' Research sent a letter to ten governors, including the governor of West Virginia, whose state pension funds are most invested with BlackRock, warning about the money management firm's heavy investments in China. "BlackRock’s funneling of billions in U.S. capital to China carries with it risks not present in other markets, risks that threaten the large wagers the company is putting on steep returns from the Middle Kingdom," Consumers' Research Executive Director Will Hild wrote in the letter.  "Chinese firms are not held to the same transparency standards as their western counterparts, so foreign investors are often hard pressed to appreciate the true risk profile of what they’re investing in," Hild added. BlackRock offices in New York City. Founded in 1988, BlackRock, Inc. is a US multinational investment management corporation. (Erik McGregor/LightRocket via Getty Images / Getty Images) Ticker