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Facing Texas pushback, BlackRock says it backs fossil fuels

At the risk of being dropped from Texas pension funds, BlackRock Inc has ramped up its message that the world’s largest asset manager is a friend of the oil and gas industries. As a large and long-term investor in fossil fuel companies, “we want to see these companies succeed and prosper,” BlackRock executives wrote in a letter that a spokesman confirmed was sent at the start of the year to officials, trade groups and others in energy-rich Texas. “We will continue to invest in and support fossil fuel companies, including Texas fossil fuel companies,” states the memo, signed by Dalia Blass, BlackRock’s head of external affairs, and copied to Mark McCombe, BlackRock’s chief client officer.

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