17. April 2020

Blackrock – European Parliament reacts with Questions to the Commission

Green New Deal

Question for written answer to the Commission

Rasmus Andresen, Monika Vana, Jutta Paulus

Subject: Blackrock selected as supervisor for European Commission‘ study on EU environmental rules for banks

The European Commission has selected Blackrock to supervise it’s study on developing tools and mechanisms to integrate Environmental, Social or Governance (ESG) criteria into the EU’s banking sector.

We know that Blackrock is subsidizing the coal industry and is worldwide the biggest investor into companies building coal factories. Further, Blackrock holds shares in systemic relevant banks across the EU.1

  1. How does the Commission intend to avoid a conflict of interest in Blackrock as the study supervisor for new criteria in banks and Blackrock as the shareholder in the same banks that the study is
    intended to target?
  2. How does the Commission comment the criticism of NGOs, that although Blackrock has announced to divest their shares out of coal subsidizing, it still holds shares in power plant operator companies, which mine from fossils? How does that align to the Paris Agreement and the Commission’s goal for Europe to become climate neutral until 2050?
  3. How does the Commission intend to include further actors from the fields of science, consumer protection or climate NGOs into the process of the study?