This is in stark contrast to last year’s letter which cited, “BlackRock does not see itself as a passive observer in the low-carbon transition. " It is not the role of an asset manager like BlackRock to engineer a particular outcome in the economy…Government policy, technological innovation, and consumer preferences will ultimately determine the pace and scale of decarbonization," says Fink. Comparatively, this year’s letter downplayed financial institutions' role in shaping a low carbon economy and made an implicit call for more government and consumer-driven action to shape that future. As the letter outlines, BlackRock's role in seeking durable, long-term investment returns REQUIRES a view on energy transition and climate impacts…Unless, of course, a client chooses not to. Over 50% of Blackrock's assets have a goal of retirement.
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