Even worse, by depicting gas as a bridging fuel that must be supported, Fink misrepresents the facts and fails to provide his clients with the information they need to identify their long term interests. Fink cannot have his cake and eat it - if his business is serious about addressing climate risks, then BlackRock must take a stronger stance against investing in the development of new oil and gas projects, including the development of LNG. When he urges people to invest for their retirements but stands ready to invest their pensions into companies destroying their future, Fink has his self interest in mind, not the long term interest of his clients. “Larry Fink says that he encourages people to invest with a long term perspective, but he insists that they must have a choice of investing in the fossil fuel polluters that pose a long-term risk. Lucie Pinson – Executive Director, Reclaim Finance:
BlackRock is leaning into offering clients choice, but deference to choice can’t be a shield for abdication of responsible risk management.” Fiduciary duty is about prioritizing clients’ best interests, which requires responsible and proactive management of risk. “Climate change is the single biggest long-term threat to financial markets, with impacts already felt across the economy. Jessye Waxman – Senior Campaign Representative, Sierra Club: Continuing to steer client investments into the very causes of the climate crisis is engineering an outcome - further climate chaos and the financial crises that will ensue.” This ignores the fact that maintaining the status quo is as much a choice as taking action. However, Fink claims that BlackRock shouldn’t engineer outcomes related to climate change. “Fink has again recognized, as any clear-eyed observer would, that climate change risk is having a material impact in the world, citing rising insurance costs due to climate change numbers. Moira Birss – Climate Finance Director, Amazon Watch: Partners within the BlackRock’s Big Problem network, a coalition of environmental, investor, and grassroots advocacy organizations, issued the following statements: Today, BlackRock released CEO Larry Fink’s annual chairman letter, for the first time addressing shareholders, clients, CEOs, investee companies, and other stakeholders in one statement.
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