![]() More and more companies are voluntarily disclosing their practices to the Task Force on Climate-related Financial Disclosures. Without clear reporting requirements from the government, the onus is on large companies to track not just their own progress, but that of their smaller suppliers. And through that transparency, I do believe we move faster as a society.” Use government policy to create an industrywide standard “We are not dictating how a company goes forward, but we are asking each company to be transparent and tell us your pathway. ![]() “I'm a big believer in transparency,” Fink said. In regards to the usefulness of environmental, social, and governance metrics, Fink argued that public and private companies alike should be more transparent about their impact on the climate to provide a better understanding of how every organization is moving the needle. “The world does not need another unicorn food delivery service.” Apply ESG to both publicly traded and non-publicly traded firms “I think the next 50 unicorns are going to be technologies that create something related to sustainability,” he said. Here are some of the recommendations he offered in his talk: Invest in other green technologies besides solar and windįink believes that climate change has great potential for new businesses, especially innovators that want to create new solutions that are clean. Activist groups Reclaim Finance and Urgewald, for example, published a report in January showing that BlackRock held $85 billion in assets connected to coal.įink, however, has his own ideas on how to create a net zero carbon world by 2050. Meanwhile, Fink’s opponents argue that BlackRock should be doing more if it believes in investing sustainably. “They're changing the supply curve, which leads to higher inflation.” “Keep in mind, if a foundation or an insurance company or a pension fund says, ‘I'm not going to own any hydrocarbons,’ well, somebody else is, so you're not changing the world,” Fink told a virtual audience at the MIT Golub Center for Finance and Policy’s eighth annual conference, “ Financial Policy and the Environment.”įink believes that pension funds, foundations, and endowments “should have a loud voice with companies to move forward.”įurthermore, as more governments divest, “they're not changing the demand curve” for fossil fuels, he said. To read the full piece and learn more about Fink’s contradictory rhetoric, click here.At a time when corporations are under public pressure to divest their holdings in fossil fuels, Fink believes that’s “a bad answer,” countering that there are better ways to fight climate change. No, rather he’s just doing it because BlackRock’s investors are demanding it.” The column also details Fink’s rhetorical walk-backs at BlackRock’s annual shareholder meeting last week, which Scott says includes Fink’s claim “that he’s not pushing equity, decarbonization and the other – whoops! – demands of the woke fringe on his own behalf at all. “Fink’s version of stakeholder capitalism is a very funny sort of capitalism,” Scott continues, “in that its whole purpose is to ignore the interests of the genuine capitalists (the people who invest in BlackRock, whose capital Larry is using) in favor of forcing his own politics on American corporations.” And so he has been retreating from his grandest claims, at least rhetorically,” writes Free Enterprise Project (FEP) Director Scott Shepard in his latest commentary for Real Clear Markets. “Larry Fink, the CEO of BlackRock, appears to know that his attempt to run the American economy, and to inflict his personal preferences on society from company headquarters, are at very least too obvious. In Blog, Featured, Free Enterprise Project
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