David Wallace-Wells | What’s Worse: Climate Denial or Climate Hypocrisy? – The New York Times

Opinion Writer

“In early 2020, Larry Fink — the chief executive of BlackRock, a financial firm whose $10 trillion in assets under management are roughly equivalent to the aggregate wealth of Latin America, and about twice that of Africa — did his best to stake his claim as the face of an environmentally responsible business future. “Climate change has become a defining factor in companies’ long-term prospects,” Fink wrote in his annual letter to C.E.O.s that year. He called global warming the most serious threat to the financial system in his 40 years of experience and promised a drastic response from his firm: making sustainability “integral to portfolio construction and risk management”; ditching investments that contribute to the problem; and pursuing not just sustainability but transparency, too, so we all could see what impacts the company was having.

Not long before, captains of industry like Fink could have gotten away with climate indifference, and many with outright denial. But something had changed — with the Paris agreement and the Intergovernmental Panel on Climate Change’s Special Report on Global Warming of 1.5 degrees Celsius, with Greta Thunberg’s school strikes and the arrival, in the global North, of obvious climate disasters long sequestered in the global South. And finance seemed to take the hint, creating a new wave of purportedly virtuous “environmental, social and governance” (E.S.G.) investing.

But in his annual letter this January, just two years later, Fink struck a radically different tone, rejecting “woke” capitalism and elevating the principle that investors should center only on profits. In the spring, the firm announced it would support fewer shareholder resolutions on climate change, “as we do not consider them to be consistent with our clients’ long-term financial interests.” Just months before, BlackRock closed a $15.5 billion investment in Saudi pipelines.”

David Lindsay.  Amen. Bravo. Here is one of many good comments:

Nomind     Nowhere3h ago

Quarterly profits; that’s what drives this. Something that happens 20, 30, or 100 years in the future doesn’t affect my bottom line right now. Like any animal, human beings are wired to maximize immediate gain. Although we have the cognitive capacity to plan for the future, collectively, we don’t. Time and again, I return to E.O. Wilson’s famous quote: “The real problem of humanity is the following: we have Paleolithic emotions, medieval institutions and godlike technology. And it is terrifically dangerous, and it is now approaching a point of crisis overall.”

2 Replies40 Recommended
David Lindsay Jr.
Hamden, CT | NYT comment:
Thank you David Wallace-Wells. I really thought we had turned a major corner, because of the leadership of Larry Fink at BlackRock. Well, I was wrong again. Edward O Wilson wrote of extinction and date ranges, that included the following paraphrase, we are on track to lose 80% of the species on the planet in the next 80 years. If we lose 50% of the world’s species, humans will probably not make it.
David blogs at InconvenientNews.net

David Wallace-Wells | What Vaccine Apartheid Portends for the Climate Future – The New York Times

“. . . .  Last week Michael Bloomberg committed $242 million to accelerate the adoption of clean energy in 10 countries across the developing world. (The pledge was on top of his commitment of $500 million to buy and close American coal plants.) Mark Carney — a former head of the Bank of Canada and the Bank of England who has taken to describing a 25 percent cut to global G.D.P. as his “base case” expectation for warming — has mobilized companies managing $130 trillion in a corporate alliance for net-zero emissions. The Glasgow agreement urged countries to double their commitments to financing adaptation in the developing world by 2025.

This isn’t nothing. But while philanthropy and finance’s move toward climate action is not an illusion, forensic accounting tells a more nuanced story: Even the headline pledges (which include a fair amount of greenwashed money alongside directed real climate investment) amount to less than a third of the spending necessary to meet the Paris goals, according to the International Energy Agency (and, being largely profit-minded investment, almost entirely neglect the financial needs of those devastated by climate impacts today). This new ambition is real, in other words, and worth celebrating, to greater or lesser degrees.

But as with so much of the climate crisis, finally moving in the right direction, in fits and starts toward only a certain set of opportunities, is not the same as solving the problem whole or giving the world a path to anything we might want to call success. A doubling of adaptation finance, even if fulfilled, could mean as much as $60 billion annually, for instance; the U.N. Environmental Program estimates needs of as much as $300 billion.” . . . .

David Lindsay: Good essay, thank you. Sorry the comments section closed after just 79 comments. I have a fantasy of working as a stand up comic, and saying to the audience, The only problem with the  pandemic is that it didn’t kill nearly enough human beings. The ugly truth behind such gallows humor, is that scientists think the correct carrying capacity of humans on earth is probably about 4 billion, if we are going to not cause the sixth great extinction of species. Somehow,  Wallace-Wells missed the opportunity to connect these dots. Failures to save human lives is never a completely bad thing, when worring about the horrid effects on other species, or human overpopulation and all their garbage and pollution.