It’s gross when the PGA does business with the murderous Saudi regime; it’s life-or-death for everyone when the biggest business in the world sucks up to the biggest oil company, writes billmckibben
newsletter. And yet think of what it means. It is the ultimate signal that the world’s financial community has decided to essentially give up on even the modest commitments they made a couple of years ago in Glasgow, where they said they would work to decarbonize their portfolios.
Two things have happened since they made those big pledges . First, the war in Ukraine produced huge profits for the oil industry, as their old pal Vladimir Putin pushed the price of petroleum into the stratosphere. And second, the oil industry’s bought-and-paid-for politicians in red-state America wrote nasty letters about “ESG investing” and threatened to break ties with the Wall Street firms that were “going woke.
And a few days later, when the Saudi Aramco news came out, Lander was again just about the only public servant I saw“BlackRock has clearly stated that climate risk is an investment risk, but actions speak louder than words,” New York City Comptroller Brad Lander said in an emailed statement. This matters. BlackRock is the largest external money manager for the city of New York. Lander can move that business and it will hurt BlackRock; and his words will at least be heard in the din of Wall Street. Others are starting to figure out just how irredeemable the fossil fuel industry is. Here, for instance, is an editorial in theever on Big Oil by a major American newspaper. Forget pretending that the Exxons and Aramcos will ever change their stripes: instead, “kick them to the curb.
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