Episode 14: Black Rocking the Green Deal

EU Watchdog Radio

Corporate Europe Observatory and Counter Balance

News, Politics

5 • 1 Ratings

🗓️ 27 November 2020

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

‘Black rocking the European Green Deal’ is the title of this fourteenth episode, in which CEO researcher Kenneth Haar and Jana Leutner researcher at Change Finance, discuss the Blackrock scandal. Together they published a report called “The BlackRock Model”, in which they uncover the scale of the blunder of the European Commission by granting a contract to BlackRock to give advice on ‘sustainable finance’. On the 25th of November it became crystal clear that the EuropeanCommission ignor...

Transcript

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0:00.0	You're listening.
0:06.0	You're listening to EU, man on the moon, motion.
0:25.2	You're listening to EU Watchdog Radio.
0:30.3	Welcome to a new episode of EU Watchdog Radio.
0:36.5	My name is Hans Van Schare, media officer at Corporate Europe Observatory, also known as CEO. Black Rocking the European Green Deal.
0:40.3	That is the somehow creative name for this new episode.
0:43.3	Or should I rather say, bankrolling the Green Deal?
0:47.3	On the 25th of November, it became crystal clear that the European Commission
0:52.3	ignored massive conflicts of interests when it
0:55.2	hired a powerful company called BlackRock. That is the world biggest investment fund and
1:01.2	was hired to give paid advice on how to make the banking sector more sustainable. On that day
1:07.2	the European Ombudsman published a thorough opinion on this case, after a complaint that was filed by CEO and the Change Finance Coalition,
1:15.6	as well as joined by two MEPs.
1:18.6	The European Ombudsman stated that the European Commission did not properly consider conflicts of interest
1:24.6	when it granted the contract to BlackRock.
1:34.0	BlackRock being the world's largest asset manager with $7.8 trillion in assets,
1:40.5	and being a big investor in fossil fuels, as well as a big investor in companies that contribute big time to deforestation.
1:43.7	And what did you say again that contract was about?
1:47.4	Yes.
1:48.9	The European Commission hired BlackRock, once dubbed also as the company that owns the world,
1:54.4	to advise on new sustainable finance rules for banks.
1:58.4	Or, in a more professional terms, the integration of social, environmental
	...

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