![]() Scope 1 emissions are those greenhouse gasses that come from assets that are owned or controlled by an organization, such as boilers, furnaces or vehicles, according to the U.S Environmental Protection Agency. More than half of the S&P 500 voluntarily report their own Scope 1 and 2 emissions, Fink said. That is why Fink has pushed for climate risk disclosures at companies. "Our job is to think through and model different scenarios to understand implications for our clients' portfolios." Government policy, technological innovation, and consumer preferences will ultimately determine the pace and scale of decarbonization," Fink wrote. "It is not the role of an asset manager like BlackRock to engineer a particular outcome in the economy, and we don't know the ultimate path and timing of the transition. But if clients want to understand how climate risk will affect their investments, Blackrock will provide that information. Treasury, Fink said.īlackrock has customers who want to invest in the energy transition and others who do not, Fink said, and Blackrock serves both types. The federal government's National Flood Insurance Program, which underwrites many insurance policies in Florida, is $20.5 billion in debt and has had to borrow money from the U.S. Natural disasters cost the insurance giant Munich Re $120 billion in 2022, which Fink called "a once unthinkable figure." We're already seeing rising insurance costs in response to shifting weather patterns." In fact, it's hard to find a part of our ecology – or our economy – that's not affected," Fink wrote. There's more flooding, more wildfires, and more intense storms. "Anyone can see the impact of climate change in the natural disasters in California or Florida, in Pakistan, across Europe and Australia, and in many other places around the world. ![]() In his annual letter, Fink highlighted the ways that climate change is already impacting financial markets and the economy. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Last week, Florida said it would pull $2bn in state pension funds from the asset giant.Best Debt Consolidation Loans for Bad Credit ![]() Over the summer, 19 conservative US state attorney generals accused Fink and BlackRock of violating their fiduciary duties and of sacrificing returns to advance the company’s net zero carbon emissions agenda. Last year, it followed powerhouse investor Elliott Management in demanding that GlaxoSmithKline’s chief officer, Emma Walmsley, reapply for her job and launch a search for new leadership after taking a stake in the company.įink has been an outspoken supporter of ESG investing, a stance that has put him and BlackRock in political cross-hairs. “Fink clearly has political ambitions because it is not his job as chief executive of BlackRock to dictate energy policy,” Bluebell chief investment officer, Giuseppe Bivona, told Reuters.īluebell’s criticism of BlackRock focuses on commitments to invest in companies – including Glencore – that mine coal for energy production, and BlackRock’s refusal to support their campaign to prevent a Belgian chemical company called Solvay from dumping soda ash into the Mediterranean.Ī BlackRock spokesperson said that the company did not “support” Bluebell’s campaigns because it does “not consider them to be in the best economic interests of our clients”.īluebell has been involved in previous skirmishes. “The reputational damage of being dragged into this politically charged debate, in our view, is very significant because it calls into question the independence of BlackRock as an asset manager.”Īccording to Bluebell, which holds a 0.01% stake in BlackRock, the asset giant has not gone far enough to detach itself from fossil fuel investments in pursuit of its ESG goals, and Fink has become a target of environmental and human rights campaign groups. “The contradictions and apparent hypocrisy of BlackRock’s actions have … politicised the ESG debate,” Bluebell wrote in a letter. ![]()
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