We’re in a brand new world which now includes @BlackRock managing @federalreserve emergency bond buying programs. That’s a big deal. Time to understand the implications for climate change 🧵 blackrocksbigproblem.com/post/blackrock…
ICYMI @Blackrock is committed to climate. They made a big announcement to that effect earlier this year - a world ago - you may have noticed nytimes.com/2020/01/14/bus…
They reiterated that commitment just last week. They’re all in on climate at least officially. Which will now be put to the test nytimes.com/reuters/2020/0…
That’s because they’re managing a brand new fed bond program buying program that for the first time ever will allow the fed to buy corporate bonds and could be a stealth fossil fuel bailout bloomberg.com/opinion/articl…
The @federalreserve announced the program because debt markets are seizing up and trillions in debt is coming due. It’s a huge problem & fossil fuel co’s are particularly vulnerable because investors were already shirking them over climate risk concerns bloomberg.com/opinion/articl…
That’s why the coal industry is actively petitioning the Trump administration for access to credit because divestment has limited their access to financial markets. That’s why debt buying programs must take into account ESG to avoid fueling climate risk thehill.com/policy/energy-…
Because we can’t address one crisis by accelerating another. @Blackrock has committed to as much. They can’t say they won’t handle risky assets for other clients but turn around & manage those same toxic assets with the Feds money. It’s OUR money after all
All of which sets up a big opportunity for @blackrock to walk the talk and bring climate risk principles to the management of this program. Because people have had enough of corporate bailouts especially for polluters. Time to bailout the planet instead
