BlackRock announced Monday that it has appointed Amin Nasser, CEO of Saudi Arabia’s state-owned oil giant Saudi Aramco, to its board of directors, according to a BlackRock press release Monday.
BlackRock is the world’s largest asset manager and is deeply involved in environmental, social and governance (ESG) conscious investment initiatives, often funding companies producing green energy technologies. according to to CNBC.Monday announcement Nasser’s announcement of his new position comes after reports surfaced that Saudi Aramco-linked bonds flowed into U.S. ESG investment funds via BlackRock and other intermediaries using complex subsidiary arrangements. It was announced just one week later.
“Climate risk is investment risk, and integrating climate and sustainability considerations into the investment process will help investors build more resilient portfolios and better long-term risk adjustment,” BlackRock said. It is an investment belief that we can achieve a later return.” according to To the sustainable investment web page. Saudi Aramco’s financial products typically score “strong” ESG scores, below 95% of other companies tracked in ESG screening systems. according to To Bloomberg News. (Related: ESG king BlackRock lost $1.7 trillion in client money in just six months)
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Some environmentalists say Saudi Aramco is one of the world’s maximum The oil company has accounted for more than 4% of global greenhouse gas emissions since 1965. according to on time. For years, the state-owned company has provided the repressive Saudi regime with the cash it needs to maintain its grip on power. according to to Human Rights Watch.
Nasser said in February that if ESG policies were “automatically biased against any and all conventional energy projects, the resulting underinvestment would be detrimental to the global economy, energy affordability and energy security.” It will have a serious impact,” he said. according to To energy intelligence.
In a press release announcing the move on Monday, BlackRock CEO and Chairman of the Board Larry Fink said: “Amin’s distinguished career at Aramco, which spans more than 40 years, will bring the company and our clients together. It has given us a unique perspective on many important issues we face.” . “His leadership experience, understanding of the drivers of the global energy industry and transition to a low-carbon economy, and his knowledge of the Middle East region will all contribute meaningfully to the BlackRock Board dialogue.”
Many Republican states are pulling money out of BlackRock over its so-called “Awakening” investment initiative, which it says is damaging key industries. For example, Texas Comptroller Glen Hegar put BlackRock on the state’s available-for-sale list in August 2022, saying the asset manager perpetuated an “energy boycott” in the United States. according to To the press release from his office.
BlackRock and Saudi Aramco did not immediately respond to requests for comment.
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