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BlackRock’s Rank Hypocrisy Highlights ESG’s Shortcomings

by Marion Smith
February 03, 2022, 2:30 PM
in News and Opinion
Reading Time: 4 mins read
A A
0

blackrock headquartersBlackRock CEO Larry Fink wants you to know that investing based on environmental, social, and corporate-governance factors — what is now known as “ESG” — isn’t “woke.”

That claim, made in his annual letter to CEOs on January 18, is debatable. What’s not debatable is that the global leader in asset management takes a hypocritical approach to ESG, as do countless similarly minded companies.

They tout their work to save the world while investing heavily in perhaps the world’s worst violator of environmental, social, and corporate-governance standards: Communist China.

BlackRock, which manages a staggering $10 trillion in assets, has been extremely bullish on China.

Last year it recommended that investors triple their exposure to Chinese assets, a move that is likely driving huge sums of money into the country’s economy.

It also recently launched Chinese-based mutual funds, the first of which swiftly raised more than a billion dollars.

And BlackRock is hardly alone: From Vanguard to Fidelity to many others, American investment firms are piling into Communist China.

Similarly, American companies that profess fealty to ESG ideals, such as Nike and Apple, depend on Chinese factories and supply chains to a dangerous degree.

Given these companies’ stated commitment to ESG, you might think that China is an environmental, social, and corporate-governance paradise. Obviously, it is not.

Start with environmental concerns. How can one claim to be addressing climate change by investing in the world’s worst emitter, by far, of greenhouse gases?

How does a country that strip mines whole regions for rare earth metals get a massive influx of money from green-conscious investors?

Communist China has been called “an environmental catastrophe” for a reason — and one that it is likely to worsen, given the regime’s emphasis on endless economic growth.

The social situation is equally concerning. BlackRock and other American financial institutions are heavily invested in companies that aid and abet China’s domestic oppression, from surveillance-system manufacturers to voice-recognition software providers.

They are also in deep with companies tied to the Chinese military, an oppressive force within the country, and key, of course, to the increasingly aggressive stance that China is taking internationally.

Meanwhile, many American companies depend on parts or goods made with the help of forced labor, especially from Uyghurs in Xinjiang. How can any company claim to support social progress when these are the circumstances?

Finally, corporate governance in China is a sham. The only “standards” spring from the whims of the Chinese Communist Party, which reserves the right to control (directly or indirectly) any company, whether state-owned, private, or foreign.

Beijing already exerts influence over the vast majority of businesses: At least 68 percent of domestically owned private firms and 70 percent of foreign-owned firms have party cells. (Those figures date from 2016: The number is probably higher now.)

The transparency and accountability that ESG demands is, in the case of China’s business, a mirage; it either doesn’t exist or can be withdrawn at will by Chinese authorities.

Such hypocrisy is stunning. Yet it also points to the profound shortcomings of the current ESG system.

For all its attempts to encourage moral action on the part of businesses, ESG currently doesn’t make the most important moral distinctions of all: The difference between liberty and tyranny, between a business operating in a free market and one subject to a high degree of political and economic control.

ESG should not stop at the American border, especially when ESG applies to the activities of U.S. companies allegedly committed to its principles.

Read rest at NRO

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