BlackRock takes another step to back away from heavy ESG commitments

BlackRock, the investment firm banned from doing state business in Oklahoma because of its ESG policies and alleged discrimination against oil and gas, is backing off its previous heavy commitment to an international climate change coalition.

The coalition, known as Climate Action 100+ or CA100+ had promoted stronger action on climate change. But this week, BlackRock, JPMorgan Chase and State Street were among firm that either quit or changedd their participation in the project.

JPMorgan Chase and State Street pulled out entirely while BlackRock transferred its members to its international arm, a move that essentially limited its involvement.

BlackRock has been under growing pressure from states such as Oklahoma and Texas where it has been banned from doing state business because of its policies that reportedly discriminated against the oil and gas industry. The company fell under a new law in Oklahoma in which firms that discriminated against oil and gas were banned.

While BlackRock remains on the banned list created through the Energy Discrimination Elimination Act of 2022, a recent review by OK Energy Today revealed the company still has significant investments in a number of Oklahoma oil and gas firms. Filings with the Securities and Exchange Commission showed BlackRock has invetments in Vital Energy, ONEOK, ONE Gas and Chesapeake Energy.

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