There is a growing understanding that BlackRock’s increased offerings of environmental, social, and governance (ESG) investment funds, along with its increased willingness to throw its weight around in the corporate boardroom, are an impediment to the world’s ability to deal with climate change. A recent op-ed by Tariq Fancy, BlackRock’s former chief investment officer for sustainable investing, helps explain why.
Mr. Fancy believes, as do I, that we need to reduce greenhouse gas emissions sooner rather than later. To that end, Mr. Fancy was greatly disappointed to find that while his work enhanced the company’s profitability, it had no impact on mitigating climate change. Moreover, he realized that it was highly unlikely that creating ESG funds was going to have any real-world impact on reducing carbon emissions.
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