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BlackRock must hit ESG targets or face paying more to borrow money

The money manager and its lenders tied costs around a $4.4bn credit facility to BlackRock’s diversity and sustainability goals

Wednesday, 7 April 2021 at 13:21

Investment giant BlackRock will need to hit its staff diversity targets and other sustainable business goals to keep its corporate borrowing costs down.

The firm struck a financing deal with a group of banks that links its lending costs for a $4.4bn credit facility to its ability to achieve certain goals, like meeting targets for women in senior leadership and Black and Latino employees in its workforce.