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From talk to power: Blockrock's ESG discourse and regulatory engagement in the EU and US
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This thesis examines whether BlackRock’s sustainability claims are reflected in its firm level practices and environmental characteristics of its investment products. Combining qualitative analysis with fund-level OLS regressions, we assess BlackRock’s regulatory lobbying and rhetorical positioning, voting behaviour, emissions trajectory, ESG controversies, and relative industry position, and test whether sustainability-labelled ETFs differ from conventional funds in carbon intensity and controversies exposure. The findings reveal limited decarbonization progress, weak differentiation between sustainable and non-sustainable products, and declining support for environmental and social proposals, indicating a structural misalignment between BlackRock’s sustainability rhetoric and measurable performance, shaped by political pressures and reputational risk management.
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BlackRock ESG Sustainability Institutional investors United Nations principles for Responsible investment (UN PRI) Talk-power framework Lobbying Strategic ambiguity Voting Stewardship Greenhouse gas emissions ESG controversies OLS regression Impact investing