Strive CEO Matt Cole Takes Aim At BlackRock For Forcing Climate Agenda On Energy Companies, Citing 'Long-Term' Costs

In a recent social media post on X, Strive CEO Matt Cole criticized BlackRock Inc. BLK for allegedly imposing a climate agenda on energy companies. This has sparked major controversy in the industry.

What Happened: Cole, in a comment, pointed out that BlackRock’s vast energy assets do not necessarily imply responsible stewardship. He accused the company of forcing a climate agenda on energy firms, regardless of their consent, resulting in long-term financial implications for the companies and their investors.

Cole commented on BlackRock’s response to Aaron Kinsey, Chairman of the State Board of Education in Texas, where the company said, “We learned of your decision to end Texas PSF and BlackRock’s 18-year relationship through a press release. Ending a long, successful partnership that has been a positive force for thousands of Texas schools and families in such a reckless manner is irresponsible.”

Cole provided examples of BlackRock’s alleged interference in the climate policies of publicly traded energy companies. He cited instances where BlackRock voted for shareholder proposals at Chevron Corporation and Exxon Mobil Corporation against the companies’ recommendations.

He also highlighted BlackRock’s role in the SEC‘s new mandatory ESG climate disclosures, which are expected to cost public corporations billions of dollars.

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BlackRock’s membership in various climate groups, including the Net Zero Asset Managers, was also called out by Cole, who claimed that the company openly admits to imposing its climate views on energy companies that do not comply.

Cole concluded his tweet by endorsing the Texas Permanent School Fund’s decision to withdraw $8.5 billion from BlackRock due to its ESG investing policies.

Why It Matters: This incident adds to the ongoing controversy surrounding BlackRock’s ESG investing policies. The Texas Permanent School Fund terminated its $8.5 billion contract with BlackRock, accusing the investment giant of boycotting fossil fuel energy producers, a significant part of the state’s industry. BlackRock denied the allegations, stating that the funds pulled were a small fraction of its $10 trillion assets.

Industry leaders are also questioning the global energy transition. Saudi Aramco CEO Amin Nasser recently warned that the transition strategy is failing on most fronts and urged policymakers to adopt a more realistic approach to the future of oil and gas.

Meanwhile, BlackRock has been making significant moves in the digital asset space. The company recently filed for a new fund focused on tokenized assets, with the fund’s total size kept under wraps. This move is seen as a significant step in BlackRock’s journey into the digital asset space.

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Blackrock Photo by rafapress on Shutterstock