The influence of BlackRock on the European Green Deal: Researching corporate influence on European policy making

This paper seeks to find an answer to the question: "How does BlackRock interact with European industrial policies, such as the Green Deal, and what implications might this have for public objectives?" Key findings suggest that BlackRock has a significant sphere of influence in and around the institutions that constitute the European Union. BlackRock hires strategically by employing former high-ranking government officials, people who have often overseen regulatory processes about BlackRock itself. Furthermore, BlackRock employees occupy strategic positions within several European bodies, such as the EFAMA. BlackRock is very pro-Green Deal to the outside world, but behind the scenes they actively lobby for policies that either delay or undo the Green-Deal policies. They don’t do this using the name “BlackRock” however, they do this through many different Trade Groups which BlackRock dominates. The study concludes that we can speak of a “regulatory capture” of these bodies. However,...Show moreThis paper seeks to find an answer to the question: "How does BlackRock interact with European industrial policies, such as the Green Deal, and what implications might this have for public objectives?" Key findings suggest that BlackRock has a significant sphere of influence in and around the institutions that constitute the European Union. BlackRock hires strategically by employing former high-ranking government officials, people who have often overseen regulatory processes about BlackRock itself. Furthermore, BlackRock employees occupy strategic positions within several European bodies, such as the EFAMA. BlackRock is very pro-Green Deal to the outside world, but behind the scenes they actively lobby for policies that either delay or undo the Green-Deal policies. They don’t do this using the name “BlackRock” however, they do this through many different Trade Groups which BlackRock dominates. The study concludes that we can speak of a “regulatory capture” of these bodies. However, it is unclear if there is a causal relationship between BlackRock’s sphere of influence and European policy outcomes, and if there is, to which extent. To quantify that, we would need full access to insider information from BlackRock, something that is beyond the scope of this paper. BlackRock’s influence, however, is undeniable.Show less

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The influence of BlackRock on the European Green Deal: Researching corporate influence on European policy making