Keystone Today

Pennsylvania's $3.5 billion state pension fund investment with BlackRock is under scrutiny for its push toward clean energy investments and its ties to China, according to Consumers' Research.

BlackRock, the world’s largest investment company, wants to lead the path to clean energy. Pennsylvania's total amount invested with the firm ranks eighth among states. The top 10 include: Washington, Florida, South Carolina, New York, Oklahoma, Nevada, Montana, Nebraska and West Virginia.

The Wall Street Journal reported that BlackRock Chairman and CEO Larry Fink's 2022 letter to leaders stated that those who choose not to transition to a carbon-free future risk being left behind.

According to the BlackRock, Fink did state in his letter that while BlackRock is highly focused on a net-zero goal, "divesting from entire sectors -- or simply passing carbon-intensive assets from public markets to private markets -- will not get the world to net zero." 

Fink went on to say that "BlackRock does not pursue divestment from oil and gas companies as a policy."

Regardless, Houston Daily reported that states have begun retaliating against companies that boycott energy companies.

Texas Lt. Gov. Dan Patrick (R) wrote a letter to the state's comptroller. "As you prepare the official list of companies that boycott energy companies, I ask that you include BlackRock, and any company like them, that choose to hurt Texas oil and gas energy companies by boycotting them in violation of Senate Bill 13," Patrick said. "BlackRock is capriciously discriminating against the oil and gas industry by exiting investments solely because companies do not subscribe to a 'net zero' policy beyond what is required by law."

In addition to concerns about energy investments, Consumers' Research Executive Director William Hild wrote in the letter to the governors that BlackRock investments also support China. He specifically noted military and intelligence operations, as well as the ongoing genocide against Uyghurs. The Uyghurs are an ethnic group originating from the general region of Central and East Asia, which are reported to have been subjected to widespread abuses by the Chinese government.

"BlackRock has maintained a bullish approach to investing billions in Chinese firms, supporting their economy and helping fuel the rise of their military," Hild wrote.