Larry Fink, the CEO of American investment company BlackRock, backtracked over the years on requesting Scope 3 (product) emissions reduction targets.
Why did the world’s largest asset manager vote against Scope 3 targets in 2022?
In 2021, BlackRock finally walked the talk: the world’s largest asset manager voted in favour of climate resolutions requesting BP, Equinor, Chevron, Phillips66, and ConocoPhillips to reduce Scope 3 (product) emissions, which is the key metric to achieving the goal of the Paris Climate Agreement.
In 2022, after talks with oil major CEOs, BlackRock’s CEO Larry Fink backtracked on requesting Scope 3 emissions reduction targets by announcing that he would vote against climate resolutions requesting Scope 3 targets.
We hope BlackRock joins the fight against climate change again soon. We hope responsible investors will convince Larry Fink that his clients’ assets are threatened by devastating climate change. Because Scope 3 emissions reductions are crucial to meeting the Paris Climate Agreement.
A world that doesn’t meet the Paris goal will have detrimental consequences for the assets of BlackRock’s clients. Although the world’s largest asset manager might “not want to be in the environmental police,” he nevertheless carries a huge obligation to be a responsible steward of the global economy.
