{"id":18238,"date":"2022-01-18T14:55:37","date_gmt":"2022-01-18T13:55:37","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=18238"},"modified":"2023-02-08T15:45:56","modified_gmt":"2023-02-08T14:45:56","slug":"blackrock-ceo-defends-fossil-gas","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2022\/01\/18\/blackrock-ceo-defends-fossil-gas\/","title":{"rendered":"BlackRock CEO defends fossil gas"},"content":{"rendered":"<p><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-1\"><p><span style=\"color: #8ac56b;\"><span style=\"color: #8ac56b;\"><b>Press release<\/b><\/span><\/span><\/p>\n<p><b><span style=\"color: #8ac56b;\">Paris, 18th January &#8211; <\/span><span style=\"color: #8ac56b;\">BlackRock CEO Larry Fink today released his keenly-awaited<\/span> <span style=\"color: #8ac56b;\"><u><a style=\"color: #8ac56b;\" href=\"https:\/\/www.blackrock.com\/corporate\/investor-relations\/larry-fink-ceo-letter\" target=\"_blank\" rel=\"noopener noreferrer\">annual letter<\/a><\/u><\/span><span style=\"color: #8ac56b;\"> to CEOs for 2022, defending ESG investing as not \u2018woke\u2019 or \u2018ideological\u2019. This continues a focus on climate issues in recent years, including a net-zero 2050 commitment last year &#8211; but campaigners today slammed (1) \u2018a failure to tackle the elephant in the room\u2019, with no new announcements made regarding BlackRock\u2019s enormous fossil fuel holdings, which are among the highest in the world of any global institutional investor. Indeed, Fink even praised the role of fossil gas in the transition, arguing that \u201cwe need to pass through shades of brown to shades of green\u201d, while also criticizing divestment.<\/span><\/b><\/p>\n<p>BlackRock has been under sustained fire from NGOs regarding the carbon-intensive companies in its portfolio. Shortly after the asset management giant\u2019s $85bn in coal holdings were <a href=\"https:\/\/reclaimfinance.org\/site\/en\/2021\/01\/12\/one-year-on-blackrock-still-addicted-fossil-fuels-2\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>revealed<\/u><\/a> in January 2021, BlackRock published a <u><a href=\"https:\/\/reclaimfinance.org\/site\/en\/2021\/02\/17\/blackrock-latest-climate-instructions\/\" target=\"_blank\" rel=\"noopener noreferrer\">memo targeting the fossil fuel sector<\/a><\/u>, but left the door wide open for shaky net zero targets by fossil fuel companies. Predictably, this was followed by a <a href=\"https:\/\/reclaimfinance.org\/site\/en\/2021\/06\/14\/blackrock-climate-failures-european-shareholder-season\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>failed shareholder season<\/u><\/a>. Last month, BlackRock finalized a <u><a href=\"https:\/\/blackrocksbigproblem.com\/actions-speak-louder-than-words-blackrocks-attempt-to-greenwash-a-15-billion-pipeline-deal\/\" target=\"_blank\" rel=\"noopener noreferrer\">$15 billion deal with Saudi Aramco<\/a><\/u> to acquire 49% of the oil &amp; gas major\u2019s gas pipeline subsidiary. The IEA has been clear that to stay within 1.5\u00b0C of warming, we have to stop investing in new fossil fuel infrastructure.<\/p>\n<p>BlackRock recently passed an astonishing $10 trillion of assets under management, and is the top ETF provider in Europe.<\/p>\n<p>Lara Cuvelier, campaigner at Reclaim Finance said: \u201cLarry Fink\u2019s latest letter reveals BlackRock to be more of a hindrance than a help on climate. His opportunistic argument for supporting fossil gas as part of the green transition is flatly contradicted by climate science, not least the IEA\u2019s mandate against new fossil fuel supply projects and the need to decarbonize the entire power sector by 2040 worldwide. Fink is thus providing cover for the building of dozens of new gas plants, which would lock us into fossil fuels for years to come. Moreover, his simplistic attack on divestment obscures a vital lesson: to succeed, engagement must be paired with a clear demand to stop fossil fuel expansion. Given BlackRock\u2019s enormous fossil fuel interests, perhaps this truth is just too inconvenient to stomach.\u201d<\/p>\n<p><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); letter-spacing: var(--body_typography-letter-spacing);\">Fink also repeated his call for governments to act more quickly on climate, including through regulation. However, BlackRock has <u><a href=\"https:\/\/reclaimfinance.org\/site\/en\/2021\/06\/30\/blackrocks-lobbying-machine-vs-eu-green-finance-rules\/\">faced criticism<\/a><\/u> for its intense lobbying against prescriptive regulation on finance at the European level. \u201cLarry Fink wants climate action, but not too much,\u201d concluded Cuvelier.<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-padding-top:10px;--awb-padding-right:10px;--awb-padding-bottom:0px;--awb-padding-left:10px;--awb-overflow:hidden;--awb-bg-size:cover;--awb-border-color:#ffffff;--awb-border-top:1px;--awb-border-right:1px;--awb-border-bottom:1px;--awb-border-left:1px;--awb-border-style:solid;--awb-border-radius:10px 10px 10px 10px;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-2\"><p style=\"text-align: justify;\"><b><span style=\"text-decoration: underline; color: #e5e3e3;\">Notes<\/span> <span style=\"color: #e5e3e3;\">:<\/span><\/b><\/p>\n<ol>\n<li><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); letter-spacing: var(--body_typography-letter-spacing);\">See <\/span><a style=\"font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); letter-spacing: var(--body_typography-letter-spacing);\" href=\"https:\/\/blackrocksbigproblem.com\/blackrocks-2022-letter-to-ceos-trying-to-please-all-sides-fink-stalls-on-climate\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>full reaction and more context from the BlackRock\u2019s Big Problem campaign<\/u><\/a><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); letter-spacing: var(--body_typography-letter-spacing);\">. A separate letter to investors is expected in the coming weeks, with BlackRock\u2019s 2030 emissions targets due in the coming months.<\/span><\/li>\n<li><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); letter-spacing: var(--body_typography-letter-spacing);\">Our <a href=\"https:\/\/reclaimfinance.org\/site\/en\/2021\/02\/17\/blackrock-latest-climate-instructions\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>deeper analysis <\/u><\/a>of how BlackRock is taking it easy on the fossil fuel industry.<\/span><\/li>\n<\/ol>\n<\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-padding-top:10px;--awb-padding-right:10px;--awb-padding-bottom:0px;--awb-padding-left:10px;--awb-overflow:hidden;--awb-bg-size:cover;--awb-border-color:#59bc6d;--awb-border-top:1px;--awb-border-right:1px;--awb-border-bottom:1px;--awb-border-left:1px;--awb-border-style:solid;--awb-border-radius:10px 10px 10px 10px;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-3\"><\/div><div class=\"fusion-text fusion-text-4\"><\/div><\/div><\/div><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":28,"featured_media":18236,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[226],"tags":[402,778,1699,747,512,721,1701],"acteurs_financiers":[2275],"thematique":[2423,2427],"webinar_type":[],"programme":[],"class_list":["post-18238","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-release","tag-blackrock-en","tag-climat-en","tag-combustibles-en","tag-energies-fossiles-en","tag-esg-en","tag-finance-en","tag-larry-fink-en","acteurs_financiers-asset-managers-en","thematique-fossil-fuels","thematique-gas-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BlackRock CEO defends fossil gas - Reclaim Finance<\/title>\n<meta name=\"description\" content=\"BlackRock CEO Larry Fink today released his keenly-awaited annual letter to CEOs for 2022, defending ESG investing as not \u2018woke\u2019 or \u2018ideological\u2019. This continues a focus on climate issues in recent years, including a net-zero 2050 commitment last year - but campaigners today slammed (1) \u2018a failure to tackle the elephant in the room\u2019, with no new announcements made regarding BlackRock\u2019s enormous fossil fuel holdings, which are among the highest in the world of any global institutional investor. 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This continues a focus on climate issues in recent years, including a net-zero 2050 commitment last year - but campaigners today slammed (1) \u2018a failure to tackle the elephant in the room\u2019, with no new announcements made regarding BlackRock\u2019s enormous fossil fuel holdings, which are among the highest in the world of any global institutional investor. 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