BlackRock CEO hails high energy prices for ‘accelerating’ green transition

Harold Hutchison, DCNF

BlackRock CEO Larry Fink said during a forum at the Clinton Global Initiative that increased energy prices are “accelerating” the transition to “green” energy.

“Because of the rising energy prices, we are certainly seeing the green premium shrink quite considerably. And so, the amount of investment dollars that are going into new decarbonization technology is accelerating, and accelerating very rapidly,” Fink told former President Bill Clinton.

WATCH:

.@BlackRock CEO Larry Fink claims that ESG driving energy prices higher is actually a positive because it shrinks the "green premium." pic.twitter.com/iMKtIYIGGq

— Will Hild (@WillHild) September 20, 2022

BlackRock leverages its investment in companies to push Environmental, Social and Corporate Governance (ESG) issues, which encourage companies to prioritize social and environmental factors into their investment considerations instead of “simply considering the potential profitability,” according to Investopedia.

“We’re seeing evidence every day that climate risk is investment risk,” Fink said. Fink and Clinton also called opponents of ESG “climate change deniers” during the forum.

Critics of ESG pointed to crises in Sri Lanka, which saw agricultural production drop precipitously earlier this year, and Ghana, which suffered blackouts after both countries adopted policies in line with the precepts of ESG.

A gallon of gas costs an average of $3.674 in the United States as of Tuesday, according to AAA, 46.9 cents lower than the price a year ago.

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