Surprise!! Larry Fink Shambles Away From Putative Climate Goals As "Woke" Screaming Gets Louder

[hatrack]

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And Fink, founder of the world’s largest investment and risk management firm, has throttled back on the urgency with which he pushes companies to confront climate change. The resolute language in public letters to CEOs is gone. And BlackRock executives have begun waving away the climate targets they once committed to helping the world meet as irrelevant to the current moment. “The conversation with clients has moved away from … 2050 targets,” said Mark Wiedman, who heads global client business at BlackRock, referring to the U.N. goal of zeroing out emissions by 2050 to stop catastrophic warming. “It’s moved away from [climate] alliances. It’s moved toward actually putting money to work that will profit from and drive the transition.”

BlackRock frames this as an obvious evolution. Climate-focused regulators in blue states and D.C., however, see a dangerous abandonment. BlackRock sits on $9 trillion in assets from pension funds, governments, universities and companies. It is bigger than better-known rivals Vanguard and Fidelity. Its billionaire leader has unparalleled influence over the direction of the economy’s largest companies and used his position to pioneer investing that factors in the environmental and social footprint of businesses. He is not accustomed to losing control of the narrative.

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Fink is a creature of Wall Street, where success is judged by the numbers. Every dollar BlackRock lost in red-state government money over the last year has already been replaced by many more dollars of new investment from other clients. “The reality is we are winning more share wallet than any company in the world right now,” Fink told CNBC last month. “Our clients are speaking loudly by the amount of money they are awarding us.”

But the broader battle over climate change is bigger than the financial gains of one company, and Fink has stopped being a reliable leader on that front. “He is not using his voice in a way young people will thank him for 40 years from now,” Fancy said. “The problem is that he can’t solve this crisis, but he is leaving the impression that he can. He is not being honest about how the system works. If he were being honest, it would lead to regulations that are not in his interest, and more taxes that would lessen the income of billionaires like him. He’s engaged in an intellectual fantasy.”

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https://www.washingtonpost.com/business/2023/05/06/blackrock-esg-climate-woke/

[Lovie777]

1. Most Americans know that "woke and crt" is total bullshit.................

[AllaN01Bear]

3. new buzz words for " i dont like " when i was growing up,

it was communist pinko pig as invented by richard nixon. another one is " im sorry but,,."

[bucolic_frolic]

2. Yes, the buzz from the right is ESG doesn't work and should be decapitated

It was even on WealthTrack this past weekend.

[hatrack]

4. How anyone could expect the "free market" to solve an issue like this is just . . . .