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 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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