BlackRock is one of the biggest company in the world. With an asset library of worth more than USD 11 trillion, thrice the size of the Indian economy, many observers have often quipped BlackRock to 'own the world'.

Republicans Take On BlackRock

The company, which has often faced criticism in the past, has now come under some renewed scrutiny from the other end of the socio-political spectrum, the Republicans in the US.

Newly reinvigorated Republicans, who are riding high on the victory of Donald Trump, and the party in the US Congress appears to have decided to take on BlackRock.

Despite being arguably one of the most consequential companies in the world, BlackRock is not exactly a household name like Apple or Google. Yet, it is equally, if not more consequential. And, it is this aspect that some US Republican states now appear to be targeting.

Destructive Green Agenda

This antitrust federal suit has been filed by major Republican states including political and economically consequential Texas, along with Alabama, Arkansas, Indiana, Iowa, Kansas, Missouri, Montana, Nebraska, West Virginia, and Wyoming.

These states have accused the asset management company of imposing its 'destructive' green agenda. The states are trying to put the spotlight of judicial scrutiny over BlackRock's climate-sensitive initiatives and push for more sustainable and future-oriented means of commerce.

The focus is largely is on carbon-based energy production, i.e. non-renewable, fossil fuel sources. The states have taken on BlackRock, and others including Vanguard over the alleged hostility towards coal producers, who have been in the bargain of attaining net zero goals, that many companies have set out to achieve.

A Paradigm Shift

This, along with other similar developments including Silicon Valley's recent ingratiation with Trump and the decision of companies like Walmart to drop their DEI or Diversity Equity and Inclusion initiatives is suggesting a major paradigm shift in the larger socio-political and economic realm of the largest economy of the world.

Recently, Mark Zuckerberg, who once funded progressive means also reportedly met Trump in Mar-a-lago in Florida.

Climate Skeptic Leader

In addition to that Trump himself is an infamous and renowned climate skeptic and climate change denier, who have been famously quoted saying 'Drill, baby Drill (with regards to oil and gas). This 'chant' has been deemed as the cornerstone of Trump sustainable energy policy or lack of it, as he looks to decimate guardrails and the larger environment consciousness.