Private Sector, Public Companies Moving Much Faster On Climate Action than Governments: Blackrock’s Fink (1)

Blackrock Chairman and CEO Larry Fink speaks at Innovate4Climate conference:

“I am very excited and confident that we’re seeing, we’re seeing very fast movement, even faster movement than ever dreamed of, in terms of the capital markets. Obviously, let’s be clear there are a lot of naysayers — publications — that repeatedly write … (that) this is merchandising or greenwashing or whatever they say. I truly don’t believe that’s the case at all and I believe it’s actually for the first time in my 40 odd years (in business that) we’re seeing this tectonic shift, change in attitude, and the attitude is rapidly evolving into asset allocation.”

Private companies need overseeing properly, not just public companies, to meet the net-zero emissions target under the Paris climate agreement, Fink said:

“If we’re about only public companies … we’re not going to get to that (net) zero (target), we’re truly not being faithful to the net-zero objective of the Paris accord. All the society has to be a part of this. I am fearful right now that all the pressure is going to be on public companies to move forward. What I’m particularly frightened of — and we’re seeing such evidence of this — we’re seeing many public companies divest some of their hydrocarbons, and they look better, they look better to me as an investor in those companies.”

(Smooths translation, adds comments; Warning: edited/smoothed AI translation; more to come)


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