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New York Times writer David Wallace-Well wrote an op-ed on Thursday accusing the world’s largest asset manager BlackRock and other companies of “hypocrisy” on climate change. The article, titled “What’s Worse: Climate Denial or Climate Hypocrisy?”, argues that many companies that have pledged to invest in more climate-friendly initiatives have failed to deliver on their promises.
“The era of climate denial has been replaced by an era plagued by climate promises that no one seems willing to keep,” he wrote.
Wallace-Wells pointed to an annual letter published by BlackRock CEO Larry Fink as evidence of his claim. He noted that Fink “has called global warming the most serious threat to the financial system in his 40 years of experience and promised a drastic response from his company.”
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Wallace-Wells wrote that Fink’s promises included “making sustainability ‘an integral part of portfolio construction and risk management’, abandoning investments that contribute to the problem; and pursuing not only sustainability but also the transparency, so we can all see what impacts the company was having.”
He claimed that “finance seemed to take the hintcreating a new wave of supposedly virtuous “environmental, social and governance” (ESG) investing.”
Despite those promises, Fink has recently taken a drastically different tone, according to Wallace-Wells.
“But in his January annual letter, just two years later, Fink struck a radically different tone, rejecting ‘woke’ capitalism and elevating the principle that investors should focus only on profits,” writes- he. “In the spring, the company announced that it would support fewer shareholder resolutions on climate change, “because we do not consider them to be compatible with the long-term financial interests of our clients”. A few months earlier, BlackRock had concluded a $15.5 billion investment in Saudi pipelines.”
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“What should we call a flip-flop like this? The word that comes most readily to mind is ‘hypocrisy’ – or perhaps ‘greenwashing’, the insult activists like to throw at businesses who use green rhetoric to whitewash their reputations,” he added. “This fundamental phenomenon, in which powerful people make climate promises that turn out to far exceed their real commitments, has now become so pervasive that it begins to look less like the venality of one person or institution and more to a new political grammar.
The critics of ESG claim that it is a mechanism used by government and the private sector to force a transition away from oil and fossil fuels, as well as to push diversity, equity and inclusion initiatives at the expense of fiduciary duty.
Fox News host Laura Ingraham blasted companies that use ESG.
“Environment, Social, Governance. The acronym ESG is a classification and rating system that globalists are now using to pressure American companies to adopt progressive practices at all levels of their operations. And like so many very bad ideas, of course it was born in the United Nations,” Ingraham said. “Now for years they have aggressively marketed the concept as good for business, good for you and good for the planet. ESG propaganda even comes in the form of really scary videos.”
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Similarly, Aswath Damodaran, professor of finance at New York University, argued against ESG.
“They act as if they are the Dalai Lama and Mother Teresa rolled into one, so they can identify what is virtuous,” he added. said on a podcast. “But there is no global consensus on what is good and virtuous,” he continued.
black rock was criticized for promoting a left-wing globalist agenda in America while investing heavily in authoritarian and oppressive China.
#York #Times #writer #accuses #investment #firm #BlackRock #climate #hypocrisy
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