Curious about the rise of asset manager capitalism and how it's impacting the U.S. infrastructure deal and climate policy? @KateAronoff's latest piece breaks it down clearly – and the implications are not good for our climate. newrepublic.com/article/163147…
.@blackrock has investments in every. single. sector. This means it wants to lower its exposure to climate risks but wants the people to do all the work.
“Ask not what BlackRock can do for climate policy. Ask what climate policy can do for BlackRock,” writes @KateAronoff.
“Ask not what BlackRock can do for climate policy. Ask what climate policy can do for BlackRock,” writes @KateAronoff.
.@blackrock is pioneering a model to make the public carry the burden of climate finance by asking the World Bank and IMF to “essentially transform into insurance companies” to protect private investment into green energy, but also for existing investments in fossil fuels.
Asset managers want it all. Despite @blackrock’s greenwashing, it has no other interest than maximizing profit. This means it will hold onto its investments in fossil fuels while pushing government policies to protect the company from the inevitable fallout of stranded assets.
This hedging of bets by protecting dirty investments is made clear by @blackrock, @vanguard_group, and @state_street’s over $46 billion in debt & equity in oil companies operating in the Amazon, polluting the ecosystem & violating #IndigenousRights. amazonwatch.org/news/2021/0629…
This is why building people-power to cut off the flow of money from asset managers to climate-destroying industries is essential. Join us in demanding that financial institutions #DefundClimateChaos by COP26! Take action👇actionnetwork.org/forms/sign-the…
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