“Our clients’ portfolios—which reflect the global economy—cannot reach net zero without sustained and consistent government policy, accelerated technological breakthroughs, and substantial adaptation in corporate business models,” says BlackRock.
QUICK FACTS:
- BlackRock on Thursday projected that by 2030 at least three-quarters of its investments in companies and governments will be tied to issuers with a scientific target to cut net greenhouse gas emissions to zero by 2050, up from 25% currently, Reuters reports.
- Echoing Rep. Alexandria Ocasio-Cortez (D-N.Y.)’s claim that unless government addresses climate change “aggressively right now, the world will end in 12 years,” BlackRock is forecasting how its portfolio could look in 2030 as far as emissions are concerned.
- The projection covers emissions tied to 77% of its total assets at the end of September 2021.
- “As the transition proceeds and issuers and asset owners continue to position themselves in front of it, we anticipate that by 2030, at least 75% of BlackRock corporate and sovereign assets managed on behalf of clients will be invested in issuers with science-based targets or equivalent,” a statement from the world’s largest money manager said.
- “Our clients’ portfolios—which reflect the global economy—cannot reach net zero without sustained and consistent government policy, accelerated technological breakthroughs, and substantial adaptation in corporate business models,” it went on to say.
- “These portfolios will reflect the regulatory and legislative choices governments make to balance the need for reliable and affordable energy, and orderly decarbonisation.”
SMALL SAMPLE OF COMPANIES OWNED BY BLACKROCK:
- Apple
- Microsoft
- Alphabet (Google)
- Tesla
- Meta (Facebook)
- Johnson & Johnson
- Berkshire Hathaway
- JP Morgan Chase
- Home Depot
- Visa
- Pfizer
- Mastercard
- Bank of America
- Cisco
- Adobe
- Pepsi
- Disney
- Costco
- Netflix
- Intel
- Salesforce
- Coca Cola
- Exxon Mobil
- Comcast
- Merck
- Verizon
- Nike
- Chevron
- PayPal
- McDonald’s
- Wells Fargo
- Walmart
- AT&T
- Lowes
- UPS
- Morgan Stanley
- Anthem
- CitiGroup
- CVS
- Starbucks
- Target
- Goldman Sachs
- Raytheon
- American Express
- 3M
- Moderna
- General Motors
- GE
- Lockheed Martin
- Boeing
- Ford
- Capital One
- Victoria’s Secret
- AstraZeneca
BACKGROUND:
- BlackRock manages over $10 trillion in assets, The Wall Street Journal reported in January, including ownership of companies across virtually every industry.
- In his 2022 Letter to CEOs, BlackRock chairman and CEO Larry Fink warned industry leaders tied to his company that they would “go the way of the dodo” if they didn’t submit to BlackRock’s “net zero transition”: “What are you doing to disrupt your business?” Fink asked CEOs. “How are you preparing for and participating in the net zero transition? As your industry gets transformed by the energy transition, will you go the way of the dodo, or will you be a phoenix?” The letter also called for the “disruption” of modern capitalism and promoted controversial ESG voting as well as Klaus Schwab’s stakeholder capitalism.
- BlackRock is an official partner of Schwab’s World Economic Forum, an organization predicting that by 2030 we will “own nothing” and “be happy” about it and that the United States “won’t be the world’s leading superpower.”
- BlackRock’s Fink serves as a member of the board at the World Economic Forum.
