Climate Is Important, but Oil Is ‘Vital,’ Admits BlackRock CEO: We’re Not ‘Environmental Police’
BlackRock CEO Larry Fink admitted in a 2023 annual letter to investors that oil and gas are “vital” to global energy demand—a shift from his earlier stance promoting a climate change agenda which focused on progressive values that denounce fossil-based fuels.
“For years now, we have viewed climate risk as an investment risk. That’s still the case,” the letter states. However, the transition toward a low-carbon economy “will not be a straight line,” with various industries and nations moving at different speeds in terms of adoption. “Oil and gas will play a vital role in meeting global energy demands through that journey,” Fink said in the letter. “To ensure the continuity of affordable energy prices during the transition, fossil fuels like natural gas, with steps taken to mitigate methane emissions, will remain important sources of energy for many years ahead.”…