BlackRock’s Fink defends energy investments amid criticism from ‘left and right’

BlackRock’s Fink defends energy investments amid criticism from ‘left and right’

NEW YORK: Larry Fink, chief executive of the world's biggest asset manager BlackRock Inc, on Wednesday defended his firm's energy investments after facing a backlash from lawmakers critical of its stance on environmental, social and governance (ESG) issues.

"Facts are not important with some sub-groups in this country," Fink told attendees at the Institute of International Finance conference in Washington, citing the company's $181 billion invested in U.S. energy companies.

"I'm now being attacked equally by the left and the right so I'm doing something right, I hope. I don't know. It's painful, but you know what? We're moving forward."

BlackRock is ready to fund U.S. energy pipelines as soon as the projects receive government approvals, he said.

The company is one of the largest financiers of pipelines in the world, investing in pipelines in Texas, Saudi Arabia and the United Arab Emirates. Energy security is in focus following the latest move by OPEC+ to cut its oil production target over U.S. objections.

BlackRock has faced criticism from many sides in the debate on low-carbon fuels, with environmentalists protesting it does too little to press for change at fossil fuel portfolio companies, and Republican U.S. politicians accusing it of boycotting energy stocks.

States including Texas, Arkansas,