Biggest news in a long time. After a ton of pressure, Blackrock--which owns more fossil fuel stock than anyone on earth--announces it will put 'climate change at the center of its investment strategy.' A huge--if by no means final--win for activists!
nytimes.com/2020/01/14/bus…
nytimes.com/2020/01/14/bus…
Here's the CEO, Larry Fink: “The evidence on climate risk is compelling investors to reassess core assumptions about modern finance.”
They are saying they will sell stock, reshape indexes, and vote for shareholder resolutions. This puts huge pressure on other players
They are saying they will sell stock, reshape indexes, and vote for shareholder resolutions. This puts huge pressure on other players
It also will require huge vigilance--my guess is they'll start with coal. That's no longer good enough: given the timeline of the climate crisis we need to be moving on oil and gas with the same speed.
But make no mistake--this is a massive victory for a small band of fighters, including the folks @BLKsBigProblem and the #StopTheMoneyPipeline crew. It gives us enormous confidence as we take on the giant banks. When we start to fight we start to win
