About investing in climate resilience
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 20 March 2024
⏱️ 7 minutes
🧾️ Download transcript
Summary
Today, we’re bringing you a very ESG-focused podcast. First, Texas is pulling $8.5 billion from the country’s biggest asset manager, BlackRock, which the state’s school fund says is hostile to the fossil fuel industry. It’s a pushback against ESG investing, in which environmental, social and corporate governance issues factor into decision-making. Then, a new paper says climate resilience is an investment opportunity for big-time institutional investors. We delve in.
Transcript
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| 0:24.0 | Investing just got 8.5 billion dollars more politicized. |
| 0:32.0 | From Marketplace, I'm Sabrie Benashore in for David Brancaccio. |
| 0:36.0 | Texas is voting with its dollars, pulling eight and a half billion dollars from the country's biggest asset manager Black Rock. |
| 0:45.0 | Why? Well, the State School Fund says Black Rock is hostile to the fossil fuel industry, |
| 0:51.0 | something Black Rock denies. This is ultimately a fight over what's called ESG investing. |
| 0:56.2 | That's where environmental, social, corporate governance issues factor into investment decision |
| 1:01.2 | making. |
| 1:02.2 | Marketplace's Nova Safo has more. |
| 1:04.2 | Tom Maynard, the chair of the Texas Permanent Fund Corporation, in a statement criticized companies |
| 1:09.4 | he says are quote, pushing anti-Texas policies and woke indoctrination. |
| 1:15.0 | The fund is pulling $8.5 billion in assets under management at Black Rock. |
| 1:19.8 | Those assets are being put to work to fund Texas's school system. |
| 1:23.7 | But the Texas Fund is not just pointing to ESG as the reason for its move, |
| 1:27.9 | saying it's also reducing exposure to foreign markets in which Black Rock was providing investment management services. |
| 1:35.2 | Black Rock doesn't appear to be buying that argument. |
| 1:38.1 | It criticized the decision saying it ignored the company's 120 billion dollar investment in Texas's energy sector. |
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