[Partner Post] Myth-Busting Larry Fink’s Annual Letter: BlackRock CEO Drags His Feet On Climate Change
This piece originally appeared here and was authored by Jessye Waxman, Senior Climate Campaigner, Fossil-Free Finance, Sierra Club
Larry’s Letter 2023: Taking 10,000 Words to Not Say Much (of substance)
On March 15th, BlackRock CEO Larry Fink released his annual letter, in which he held firm that climate risk is investment risk. In light of political efforts to crack down on climate action this was a reassuring signal. However, Fink failed to assert the leadership necessary for the world’s largest asset manager to properly meet and manage those investment risks.
Larry’s Letter 2023: Taking 10,000 Words to Not Say Much (of substance)
On March 15th, BlackRock CEO Larry Fink released his annual letter, in which he held firm that climate risk is investment risk. In light of political efforts to crack down on climate action this was a reassuring signal. However, Fink failed to assert the leadership necessary for the world’s largest asset manager to properly meet and manage those investment risks.
Hoping Against Hope
BlackRock cannot talk about hope for the future without addressing climate in the same breath.
Will 2022 be known as the year BlackRock lost its edge?
BlackRock cannot navigate the next critical decade of decarbonization by changing course as political winds shift. BlackRock needs to forge a new path that follows the science and the will of the majority of its investors.
NYC puts BlackRock Under Review
Last week, New York City Comptroller Brad Lander sent a letter to BlackRock raising his concerns that the firm is backtracking on its climate commitments.
Dodging Disclosure: How BlackRock’s SEC comments fall short of the full picture
Despite BlackRock’s position as a self-proclaimed ESG leader, the firm disappointingly submitted comments encouraging the SEC to implement weaker regulations.
The Relentless Campaign Against Climate Action & ESG Investing
BlackRock has been put at the center of a growing campaign against climate action and ESG investing.
BlackRock Undermines SEC Climate Risk Rule Proposal
We applaud BlackRock’s call for private companies to be required to disclose climate risk and approve of its agreement with the broad outlines of the SEC’s initiative. However, the asset manager’s proposed amendments would allow BlackRock and other Wall Street titans to continue concealing the enormous risks posed by their continued financing of fossil fuel industry expansion.