BlackRock has issued a statement about what its investment portfolio will look like in 2030 pertaining to Environmental, Social and Governance (ESG) policies.
In the Thursday, April 14, statement, BlackRock made clear that most of the investments taken by the company will be comprised of firms and governments that have transparent targets for decreasing their greenhouse gas emissions. Arizona Attorney General Mark Brnovich previously committed to investigating ESG to determine if there is an antitrust violation.
"As the transition proceeds and issuers and asset owners continue to position themselves in front of it, we anticipate that by 2030, at least 75% of BlackRock corporate and sovereign assets managed on behalf of clients will be invested in issuers with science-based targets or equivalent," BlackRock's statement said.
Other statements outlined BlackRock's role as a company.
"BlackRock's role in the transition is as a fiduciary to our clients" Lara Cuvelier said in a statement. "Our role is to help them navigate investment risks and opportunities, not to engineer a specific decarbonization outcome in the real economy. Our clients' portfolios – which reflect the global economy – cannot reach net zero without sustained and consistent government policy, accelerated technological breakthroughs and substantial adaptation in corporate business models. These portfolios will reflect the regulatory and legislative choices governments make to balance the need for reliable and affordable energy, and orderly decarbonization."
According to netzeroassetmanagers.org, 2030 emissions targets are a key part of joining the Net Zero Asset Managers Initiative, which "is an international group of asset managers committed to supporting the goal of net zero greenhouse gas emissions by 2050 or sooner, in line with global efforts to limit warming to 1.5 degrees Celsius; and to supporting investing aligned with net zero emissions by 2050 or sooner." BlackRock joined the group in March of 2021.
Arizona Attorney General Brnovich once published an op-ed in The Wall Street Journal noting that ESG may have an antitrust violation and accusing them of "potentially unlawful market manipulation". He said he would investigate the activities of businesses and organizations advocating for these requirements. Brnovich specifically mentioned Climate Action 100+, an organization centered on ensuring companies are transitioning to net-zero and ESG policies to a substantial degree.