“Fund Solutions.” That’s what the sign in the picture says.
Tesla Motors supposedly didn’t have a chance. Well, they’re making electric cars and batteries now. That’s a do-bee. General Motors is hoping that closing up factories and moving to slave labor countries is going to save them from yet another bankruptcy. That’s a don’t-bee.
This nation needs full circle R&D. We need talented individuals to take solar/climate invention majors in college. Well, actually, no college on the planet offers such a major, either the students are dumb as rocks here or maybe the colleges are, so for now we need an apprenticeship system.
Then, full circle, the students march out to the labs. Only the Pentagon has labs like that. They got tired of handing rich people millions of dollars for “innovation” and consistently getting excuses in return. The excuses weren’t effective on battlefields. We must follow the Pentagon’s lead here if we want agriculture to still work in a few decades. I don’t recommend the other alternative.
In any case, Black Rock itself can tell its board, "We have identified the following trillion dollar markets: heating buildings with solar, replacing freeway transit with new transit systems and after-sunset electricity generation. Trillions of dollars is what we do. So let’s place our strategic bets and be smart about it. Also, the West Antarctic Ice Sheet is crumbling and if we can learn to grow ice to keep it in place, it will be worth a good profit. Put that one in the cash register too, please.
Mr Solid Green CEO Larry Fink, quoted in the NYT article:
“Despite recent rapid advances in technology, the science does not yet exist to replace many of today’s essential uses of hydrocarbons,” he wrote.
Elsewhere, Blackrock’s greenwashing track-record is mentioned in passing. McK is outdoing himself with his unseemly fullsome praise of predators (even more than usual). I am so sick of this fake-hopefulness, employed to buttress Capital, on the part of M$MBS’ designated green spokes.
Yea! Capitalism to the rescue…NOT!
I don’t think people understand how hedge funds, private equity firms, investment companies, etc. work. They do not benefit anyone but themselves. They don’t do anything to better the situation for people. They don’t add value to anything real. They do not produce anything real.
Their job is to find places in the real economy where they can tap into and syphon off money. They have one mandate and one mandate only make their money become more money. They are the problem. There is no “extra” money in the real economy, and even less in a sustainable economy. It all comes to them from a loss to us. Yes billionaires and mega millionaires are bad for the world there is no positive excuse for their existence. The way the world works is that the more money you have the more you are able to decide how much more money you get.
Agreed. Capital and Capitalism won’t save us. Direct government investment is needed. Blackrock and the companies it invests in will always need to place profit before the needs of communities or our planet so expecting corporations to solve the climate crisis is ignoring how we got here. As a matter of policy, ignoring that “the market” will always serve the needs of capital, not us, is a recipe for the status quo, an unlivable planet.
I’ll also agree. I was just hoping that a Black Rock might somehow be more than a lump of coal.
As a rule, investment funds with conscience always have significantly outperformed the money-first funds, which implies that the vast majority of investment funds really weren’t money-first at all. Generally the socially conscious funds have steered clear of industries about to get sued. Invariably these industries were sued and invariably the whole sector lost much of its shareholder value. The tobacco, lead paint and chemical industries already took the big jump off a cliff. So did opioid companies. Bayer bought up Monsanto and Roundup at a spectacularly wrong time and then suddenly Bayer’s stock lost half its value last year, proving that Wall Street will never change. Now, guess what is about to happen to climate change companies worldwide!
That one of the most predatory parasites in existence is now going to capitalize on climate change is certainly not a victory by any sane definition.
That’s bull what Mr Fink said , and it’s been bull for 70 years ,anything that can be made from hydrocarbons in oil can just as easily be made carbohydrates in vegetable crops like Hemp.
That’s a secret the oil Industry has known for a long long time.
In the 1900’s they had self charging battery cars .
It’s a joke that we are still using hydrocarbons .
Leave it where nature intended, buried deep underground.
Can’t believe we have these people making important decisions on behalf of humanity at this crucial time in our evolution.
We are devolving at this moment ,anyone can see that .The people that we have at the helm are not being responsible.
Mr. Fink, you’re looking in all the wrong places.
Who’re you callin’ a fink? (Just yanking your chain there. I have to parenthesize a verbose apology for my little joke, because I’m allergic to winkies.)
Black rock is getting out of fossil fuel because fracking and shale oil are a bust. They have been losing money since the beginning. Subsidies have been keeping them afloat. Black Rocks Mr Fink is taking care of his own money. Secondly, groups like the Sierra club and Greenpeace, sold out eons ago to corporate funding and Democratic Party manipulation.andDemocraticPartymanipulation. They enjoy hobnobbing in Washington DC while pretending to care about climate, ecology etc. The top echelons of these groups enjoy big dinners and elitist liberal gatherings but do little else. Trillion dollar hedge funds are nobody’s friends and have ZERO concern for anything but making money.
Black Rock is a weaponized, militarized, aristocratic, lying machine. Understanding this, one can move forward wisely.
Are the investors going to agree with this new turn from Black Rock? And that’s assuming they are genuine in their new direction, which I view with extreme skepticism. Money, especially $trillions, have a tremendous influence on all aspects of the world economy. To solve the global poisoning/warming, climate crisis will need more than a change of investment strategies. It will require a complete overhaul of everything industry does to Earth and and investment company isn’t the place to start real systemic change. Just sounding good doesn’t do anything constructive for Real change, which is what we all need.
Oh, please. For anyone willing to believe Mr. Fink and his ilk, I have a bridge for sale. Greenwashing means lip service to the environment while maximizing profits, and the latter will always take precedence in investment decisions. Remember, the financial sector produces nothing and creates no value. It is a massive parasite in our economic guts. Neoliberalism and environmentalism are incompatible. Period.
Yes. While Blackrock loudly and publicly pulls back from fossil fuels, its investors’ money will still flow quietly into the stocks and bonds of Raytheon, General Dynamics, Boeing and McDonnell-Douglas–not to mention the likes of Wells Fargo, Amazon, Facebook and Google. End-stage corporate capitalism, despite the unending hype, will leave no winners.
I wouldn’t begrudge the tapping of natural resources if we did it in moderation. But from the start it has been for profit that grew to greed.
At the same when we should be utilizing our wind and solar and maximizing, we are not.
The spaceman and his robot G.O.R.T. should revisit earth. You gave us a chance to fix things but we made them worse.
It’s funny how the most money is made in the things that destroy and create missery .
Weapons,fossil fuels, chemicals ,pharmaceuticals.
No accountability ,the free market is one sick system that needs an overhaul.
Just add “no winners for the people or a living ecology that supports ALL life on the planet”.