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Cake day: December 20th, 2025
  • Cnote5@lemmy.worldtoNews@lemmy.world•How Wall Street Turned Its Back on Climate Change | Six years after the financial industry pledged to use trillions to fight climate change and reshape finance, its efforts have largely collapsed.
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    2 months ago

    Text from article.

    "In January 2020, Larry Fink, the chief executive of BlackRock, the largest asset manager in the world, stunned the business world by declaring that he intended to use the trillions of dollars managed by his firm to address global warming.

    “Every government, company, and shareholder must confront climate change,” Mr. Fink wrote, calling for “a fundamental reshaping of finance.”

    A few days later, Mr. Fink arrived in Davos, Switzerland, for the World Economic Forum’s annual gathering, donning a scarf featuring a design of the “warming stripes,” a pattern that depicts 150 years of rising global temperatures.

    Mr. Fink’s impassioned call to address climate change was the unofficial start of a movement. Nearly every major financial institution was soon pledging to reduce emissions, joining high-minded alliances designed to phase out fossil fuels and promising to support clean energy. Environmental, social and governance factors, known as E.S.G., became a defining feature of Wall Street investing.

    But six years later, many of those Wall Street institutions have walked back or abandoned their commitments." …