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BlackRock background of Biden top economist draws concern

December 06, 2020

Business Insider:

President-elect Joe Biden campaigned on tackling climate change while simultaneously creating jobs — and one of the latest picks for his administration shows his intent to intertwine environmental policy with economic.

On Thursday, Biden tapped Brian Deese as director of the National Economic Council. The Obama administration alum has been at turns hailed for orchestrating the Paris Climate Accord, but also drawn ire from progressive groups for his work with BlackRock, one of the world’s largest investors in fossil fuels.

BlackRock is the largest investment manager in the world. The firm, which manages $7.8 trillion, has been scrutinized for its investments in fossil fuel companies. Last year, the Institute for Energy Economics and Financial Analysis said in a report that the company “continues to ignore the serious financial risks of putting money into fossil fuel-dependent companies,” Business Insider’s Sinéad Baker reported.

According to the report, BlackRock lost around $90 billion “due largely to ignoring global climate risk.” 

[Inyoung Choi]

More: Meet Brian Deese, Biden’s pick to lead the National Economic Council, who has worked for both the Obama administration and BlackRock

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