BlackRock touts investment in fossil fuels after threat from Texas official

BlackRock is vocal about the world's need to transition to a carbon-free economy, and the world's largest money manager has pushed its portfolio companies to set targets for reaching a zero-emissions world.

But the investment manager, which holds about $10 trillion in client funds, has also been touting its fossil fuel credentials in Texas, where it faces heat from politicians and the state's powerful oil and gas industries.

"We will continue to invest in and support fossil fuel companies, including Texas fossil fuel companies," BlackRock wrote in a January letter. The memo, addressed "To whom it may concern," was sent to Texas officials and local trade groups, a BlackRock spokesperson said.