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The company holds more than US$300 billion in fossil fuel investments, including more than $100 billion in Texas companies. In its NZAM disclosures , BlackRock says it expects its portfolio companies to evolve toward net-zero, which means that it doesn’t need to divest its fossil fuel investments.
billion of inflows the previous quarter, according to investment bank Jeffries, which says the US anti-ESG backlash is a key driver of this. ‘Red state’ pension systems are starting to divest from financial firms considered to be “boycotting energy” in reaction to laws passed by the likes of Utah, West Virginia and Texas.
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