BlackRock partners with EU to advise on ESG regulation

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BlackRock partners with EU to advise on ESG regulation

BlackRock Financial Markets Advisory, an arm of the world's largest passive investment manager, has seen off competition from eight rival bids for a consultancy role advising the European Commission (EC) on ESG best-practice for the EU's banking sector.

BlackRock, which reported $7.43trn (£5.97trn) in AuM on 31 December, will be paid €280,000 for its consultancy role by the EC.

A spokesman for BlackRock said last week: "We are honoured that BlackRock Financial Markets Advisory has been selected to perform an analysis to inform the European commission's action plan on sustainable finance, deploying our expertise and capabilities in advising public-sector clients on structural trends, including the transition to a low-carbon future."

BlackRock’s proposal was the best offer compared to the other tenders — both technically and financially."

BlackRock's Financial Markets Advisory will study how the EU's banking sector can better embrace ESG factors, including managing risk and maximising growth to further ESG values across the bloc.

In a statement the EC said: "BlackRock's proposal was the best offer compared to the other tenders — both technically and financially."

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A spokesman for BlackRock said its FMA arm functioned separately to the investment management unit.

He said: "We are honoured that BlackRock Financial Markets Advisory has been selected to perform an analysis to inform the European commission's action plan on sustainable finance, deploying our expertise and capabilities in advising public-sector clients on structural trends, including the transition to a low-carbon future."

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Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.