One Of America’s Richest Companies Walks Away From Climate Change

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A number of large American companies have pulled back on what is known as ESG (environmental, social, and governance). Some of this movement is because shareholders do not want to pay for these programs out of corporate funds. The latest company to pull back is probably America’s premier financial firm. This is BlackRock, which is run by finance legend Larry Fink. Where Fink goes, much of the country’s financial firms follow.

*Corporate ESG

*ESG Joins M&A

*ESG And Money

Explaining the move, “Our memberships in some of these organizations have caused confusion regarding BlackRock’s practices and subjected us to legal inquiries from various public officials,” Vice Chairman Philipp Hildebrand said. BlackRock had been a member of the Net Zero Asset Managers group which supports lowering greenhouse gas emission to levels encouraged by scientists by 2050,

BlackRock is among a growing number of large companies that have walked away from the environmental part of ESG. Some observers believe this is because of expected resistance to these new programs by the Trump Administration. 

More Oil Production

No matter what the reason, this move is part of a much larger trend that has not only cut corporate support to protect the environment. It has also led to drop broad restrictions which affect fossil fuel companies. Oil drilling will increase, widening America’s footprint as the largest producer of crude. Government support for wind, solar, and EV institutions will drop. 

BlackRock is just another in a long line of companies which have changed their minds about the climate.

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