A conservative consumer advocacy group issued an alert Wednesday urging Americans to be wary about investments managed by BlackRock, the world's largest investment firm.
Consumer's Research warned that BlackRock uses its massive clout to push a "radical agenda" on consumers. BlackRock, which manages an $8.5 trillion global portfolio, has pushed so-called environmental, social and governance (ESG) standards prioritizing green energy infrastructure like wind and solar development over traditional fossil fuel investments, the group said in the warning.
"BlackRock is using money that doesn’t belong to them to push an extreme agenda with no regard for American families who are paying the price not only now, but through their pension funds which are being weaponized to the detriment of their potential profits," Will Hild, the executive director of Consumers’ Research, told FOX Business in a statement.
"Consumers deserve to know where their investments are going, especially when it’s leading to higher costs everywhere from gas pumps and groceries to rent prices and housing costs," he continued.
In his 2022 letter to investors, BlackRock CEO Larry Fink stated that every company and industry will ultimately be "transformed by the transition to a net-zero world." Fink previously said that BlackRock was "forcing behaviors" through its climate and ESG investment strategy.
"We cannot let liberal elites like Larry Fink dictate how Americans should live so he can force an agenda and line his pockets," Hild said Wednesday.
"Fink’s ESG façade is one of the biggest rackets the world has seen," he added. "We will continue our work to safeguard American consumers from unknowingly contributing to their country’s own downfall and the propping up of China’s communist regime."
Consumer's Research sent the consumer alert in Colorado, Utah, Arizona, Nevada, Wyoming, Montana, New Mexico, Idaho, Alaska, Louisiana, Oklahoma and Texas, states the group said have been most impacted by ESG policies.
As part of the effort, the group also sent a letter to the 12 states' governors, urging them to review the consumer warning and take steps to ensure firms like BlackRock are not able to "weaponize" public funds against the states' interests.
"As the highest elected official in your state, we know you care deeply about your citizens and the difficulties they are enduring as prices continue to rise," Hild wrote to the governors.
"We hope that you will closely review our Consumer Warning and consider the allocation of your states pension and other investments to ensure they are not being weaponized by BlackRock and others against your state’s interests," he said. "We recommend a thorough review of all your financial connections with BlackRock and what actions they may be taking with your assets."
In addition, Consumer's Research will play a national television ad slamming BlackRock.
Over the last several months, several state attorneys general and financial officers have similarly ramped up reviews of their relationship with investment firms like BlackRock over ESG policies. In a first-of-its-kind action, West Virginia State Treasurer Riley Moore issued a list of banks and institutions, including BlackRock, that would be barred from entering into public contracts with the state last month.
BlackRock did not immediately respond to a request for comment.