In a groundbreaking lawsuit filed Monday, the state of Tennessee sued BlackRock Inc., the world’s largest asset management firm, for harming current and potential Tennessee consumers via the firm’s so-called environmental, social, and governance (ESG) commitments. The suit specifically takes aim at decisions BlackRock has made “to achieve various climate-related policy goals,” which Tennessee Attorney General Jonathan Skrmetti says violate consumer protection laws.
The suit details how BlackRock is joined with ESG climate coalitions, like the Net Zero Asset Managers Initiative and Climate Action 100+. Thanks to its alliances with these ESG entities, the suit contends, BlackRock makes key company decisions based not on what will obtain the highest profit, but on what will instead move the world closer to radical “net zero” goals.
“BlackRock has articulated two inconsistent positions: one focusing solely on money and the other focusing on environmental impact,” Skrmetti said in a statement, alleging that BlackRock is “misleading” investors and consumers. “Tennessee consumers deserve to know which of BlackRock’s statements are a true account of the company’s decision-making.”
Consolidating Power
The Tennessee lawsuit is key in the battle against the growing consolidation of wealth and power among a small group of left-wing elites with no consideration for consumers. ESG standards are powerful, rewarding or punishing companies based on how well they push leftist orthodoxy on things like skin color, the sexes, and climate alarmism. If you’ve ever wondered why Bud Light pulled its disastrous Dylan Mulvaney stunt, ESG is your answer.
“These big asset managers have
