BlackRock was hit with a lawsuit by Tennessee on Monday alleging that the world's largest asset manager violated the state's consumer protection law over its promotion of ESG investing.
The movement to inject climate change and social justice politics into corporate boardrooms and investment strategies has suffered a series of setbacks in the past year, from getting shut out of a dozen states to getting pummelled by lawsuits and congressional investigations.
Sen. Joe Manchin III is offering a word of caution for enthusiasts of environmental, social and governance investing, or ESG, saying that the practice of considering climate change and other political matters in investments could threaten energy security amid geopolitical risks from Russia.
The Teacher Retirement System of Texas, with nearly 2 million participants, has reportedly divested from BlackRock and other major firms over their investment policies locked into climate change.