{"id":282318,"date":"2023-10-07T13:46:28","date_gmt":"2023-10-07T11:46:28","guid":{"rendered":"https:\/\/climatescience.press\/?p=282318"},"modified":"2023-10-07T13:46:31","modified_gmt":"2023-10-07T11:46:31","slug":"climate-tales-blackrock-got-exxon-to-divest-oil-fields-that-petrochina-wanted-which-blackrock-also-owned-shares-in","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=282318","title":{"rendered":"Climate Tales: BlackRock got Exxon to divest oil fields that PetroChina wanted (which BlackRock also owned shares in)"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

From JoNova<\/a><\/p>\n\n\n\n

by Jo Nova<\/strong><\/a><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

When will the Green climate activists realize they are the minions of the Banksters, and communist governments?<\/h4>\n\n\n\n

In 2021 BlackRock used its shareholder influence to force Exxon to drop some gas fields under the guise of \u201cclimate activism\u201d. BlackRock were the second largest shareholder with 6.6% of Exxon at the time. They bragged about getting three new activist board members elected to help Exxon in the \u201cenergy transition\u201d. But they also happened to be major investors in PetroChina<\/a> too with 7% of the Chinese oil and gas company and BlackRock didn\u2019t seem to care too much about their ESG policy. Conveniently, PetroChina was \u201cpoised\u201d to buy many of the fields that the giant US oil company was getting its arm twisted to sell.<\/p>\n\n\n\n

Naturally the Stupid-Media wrote this up as a win for koalas and whales or something<\/a>:<\/p>\n\n\n

\n
\"Exxon,<\/a><\/figure>\n<\/div>\n\n\n

It\u2019s like sabotage of national assets<\/h3>\n\n\n\n

While BlackRock pretend to care about the environment, they were potentially undermining a US company, their US shareholders, and own pension fund clients, all to get a better deal, perhaps, with \u201cfavours\u201d of who-knows-what for a foreign company, which is a subsidiary of the Chinese State CNPC. We can only speculate, but the conflict of interest is ripe with possibilities. It\u2019s easy to imagine President Xi being grateful. And as it happens, BlackRock became the first to operate a wholly owned China mutual fund in June 2021<\/a>. Coincidence?<\/p>\n\n\n\n

Thankfully, two US State Republican governments noticed the conflict of interest, and put pressure on BlackRock and other pension fund managers.\u00a0The Wall Street Journal<\/em>\u00a0article below is a year old, but under the fiduciary duty headline, many people may have missed the detail about PetroChina being the winner, and about BlackRock\u2019s \u201cenvironmental attitude\u201d being so anti-West and pro-China.<\/p>\n\n\n\n

<\/p>\n\n\n\n

ESG Can\u2019t Square With Fiduciary Duty<\/a><\/h3>\n\n\n\n

By Jed Rubenfeld and William P. Barr, <\/strong>Wall Street Journal, Sept 6th, 2022<\/strong><\/em><\/p>\n\n\n

\n
\"US<\/figure>\n<\/div>\n\n\n

Last week Attorneys General Jeff Landry and Todd Rokita of Louisiana and Indiana, respectively, went further. Each issued a letter warning his state pension board that ESG investing is likely a violation of fiduciary duty.<\/p>\n\n\n\n

The Louisiana<\/a> and Indiana<\/a> opinions didn\u2019t make headlines but have seismic implications: They suggest that state pension-fund board members, investment staff and investment advisers may be liable if they continue allocating funds to ESG-promoting asset managers such as BlackRock.<\/p>\n\n\n\n

First, Mr. Landry\u2019s guidance spotlights potentially explosive, undisclosed conflicts of interest in the Big Three\u2019s \u201cselective\u201d promotion of ESG criteria against U.S. companies but not Chinese companies. According to Mr. Landry, in 2021 BlackRock exercised its proxy voting rights as Exxon<\/a>\u2019s second-largest shareholder to lead \u201can activist campaign that forced Exxon to cut oil production,\u201d without disclosing that many of the \u201coil fields dropped by Exxon\u201d are \u201cpoised to be acquired by PetroChina\u201d and that BlackRock is \u201cone of PetroChina\u2019s largest investors.\u201d<\/p>\n\n\n\n

Mr. Landry has a point. BlackRock has an enormous stake in PetroChina, reporting holdings of between one trillion and two trillion shares, representing between 5% and 10% ownership, from 2018-22.<\/p>\n\n\n\n

The US Republican states may yet save us<\/a>. We know this campaign has been successful in slowing the ESG trainwreck<\/a>. One giant fund, Vanguard, pulled out of the global banker cabal in December last year. The Insurance fund<\/a> consortium has largely fallen apart<\/a>. Larry Fink (the CEO of BlackRock) has stopped bragging about ESG<\/a>, and BlackRock has closed one small China fund just last month, after such pressure<\/a>.<\/p>\n\n\n\n

The dark bubble is the reason everything seems to be going off the rails simultaneously<\/a>.<\/p>\n\n\n\n

Are your retirement funds being used?<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

From JoNova by Jo Nova When will the Green climate activists realize they are the minions of the Banksters, and communist governments? In 2021 BlackRock used its shareholder influence to force Exxon to drop some gas fields under the guise of \u201cclimate activism\u201d. BlackRock were the second largest shareholder with 6.6% of Exxon at the […]<\/p>\n","protected":false},"author":121246920,"featured_media":282322,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"When will the Green climate activists realize they are the minions of the Banksters, and communist governments?","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691819146,691819255,691818229,691823404,691823405,691823406],"class_list":{"0":"post-282318","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-blackrock","9":"tag-climate-activism","10":"tag-esg","11":"tag-green-climate-activists","12":"tag-petrochina","13":"tag-retirement-funds","15":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/10\/060842-15677923582684715_origin.jpg?fit=1550%2C872&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1brw","jetpack-related-posts":[{"id":214404,"url":"https:\/\/climatescience.press\/?p=214404","url_meta":{"origin":282318,"position":0},"title":"19 US States fight back against BlackRock the Political Climate Police disguised as a Monster Investment Fund","author":"uwe.roland.gross","date":"19\/08\/2022","format":false,"excerpt":"A light in the tunnel\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/08\/0image-795.png?fit=1000%2C541&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/08\/0image-795.png?fit=1000%2C541&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/08\/0image-795.png?fit=1000%2C541&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/08\/0image-795.png?fit=1000%2C541&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":241085,"url":"https:\/\/climatescience.press\/?p=241085","url_meta":{"origin":282318,"position":1},"title":"Backlash: BlackRock CEO says attacks on ESG investing are getting ugly and personal","author":"uwe.roland.gross","date":"22\/01\/2023","format":false,"excerpt":"Elon Musk saying ESG\u2019s \u2018S\u2019 stands for \u2018satanic\u2019. 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