BlackRock, State Street Admit Signing Net-Zero Pledges They Don’t Act On

During a marathon ESG hearing, a state senator tells them: 'You can't serve two masters'

Wind turbines in Papalote, Texas, on June 15, 2021. Brandon Bell/Getty Images

News Analysis

Texas state senators struggled for more than six hours last month to get straight answers from BlackRock and State Street, two of the world’s largest asset managers, regarding what the Wall Street firms are doing to compel companies whose shares they own to get in line with the environmental, social and governance (ESG) movement.