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aws全区号(www.2km.me)_Insight - How BlackRock made ESG the hottest ticket on Wall Street

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“Our flows continue to grow and dominate,” Larry Fink, the chief executive officer of BlackRock Inc, said on Oct 13 of the so-called ESG, or environmental, social and governance funds, and similar investments. On the same conference call with analysts, he added: “BlackRock is a leader in this, and we are seeing the flows, and I continue to see this big shift in investor portfolios.”

ALMOST two years have passed since Larry Fink, the chief executive officer of BlackRock Inc, declared that a fundamental reshaping of global capitalism was underway and that his firm would help lead it by making it easier to invest in companies with favourable environmental and social practices. Lately, he’s been taking a victory lap.

“Our flows continue to grow and dominate,” Fink said on Oct 13 of the so-called ESG, or environmental, social and governance funds, and similar investments. On the same conference call with analysts, he added: “BlackRock is a leader in this, and we are seeing the flows, and I continue to see this big shift in investor portfolios.”

What Fink did not say is that BlackRock drove a significant part of that shift by inserting its primary ESG fund into popular and influential model portfolios offered to investment advisers, who use them with clients across North America.

The huge flows from such models mean many investors got into an ESG vehicle without necessarily choosing one as a specific investment strategy, or even knowing that their money has gone into one.

In short, an apparent BlackRock-led rush of investors into ESG in the past two years has been something of a self-fulfilling prophecy, at least when it comes to the biggest such fund on the planet, a BlackRock exchange-traded fund (ETF) that trades under the ticker symbol ESGU, according to data from BlackRock and Morningstar.

A Bloomberg Businessweek investigation published earlier this month revealed that the ratings BlackRock cites to justify the fund’s sustainable label have almost nothing to do with the environmental and social impact companies in the fund have on the world.

Instead, the ratings primarily are designed to measure the opposite: the potential harm government regulations and other factors might cause to the companies’ bottom line, especially when it relates to addressing climate change.the company said in its statement: “We are clear about the investment strategies and sustainable outcomes our funds are designed to achieve.” It added: “BlackRock believes greenwashing is a risk to investors, which is why we support regulatory initiatives to enhance the transparency” of sustainable funds.

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