Blackrock Investment: Capitalism Has To Change To Stop ‘Climate Change’ (scam)

Yet another example of 1) people who already got theirs wanting to stop the same for others, and 2) Warmists hating capitalism (via Watts Up With That?)

(Renew Economy)  Capitalism must change to avert climate change, according to the vice-chair of the world’s largest asset manager, Blackrock.

Two weeks ago, Blackrock boss Larry Fink shook the corporate world with a letter demanding social responsibility in return for the support of his company, which manages around $6 trillion in assets.

On Wednesday at the annual World Economic Forum in Davos, Philipp Hildebrand expanded on that theme in a discussion of “fiduciary duty” – the responsibility to make clients the best return on their investments. (snip)

That would mean funds like Blackrock could become duty-bound to consider environmental risks such as climate change while making investments. It would create a dramatic shift, he said, but warned it would take time.

“We have to be realistic, we also have an enterprise to run, we have shareholders, this is a complicated story. Nobody is served by reducing this to very simple, fast things that we have to do immediately.

We have to change capitalism. This is really what’s at stake here. And frankly we need a new contract between companies, investors and governments,” said Hildebrand.

Al Gore, who was present, totally agreed (another guy who got his and wants to restrict others from doing the same.)

Anyhow, what is Hildrebrand recommending?

We also see many governments failing to prepare for the future, on issues ranging from retirement and infrastructure to automation and worker retraining. As a result, society increasingly is turning to the private sector and asking that companies respond to broader societal challenges. Indeed, the public expectations of your company have never been greater. Society is demanding that companies, both public and private, serve a social purpose. To prosper over time, every company must not only deliver financial performance, but also show how it makes a positive contribution to society. Companies must benefit all of their stakeholders, including shareholders, employees, customers, and the communities in which they operate.

Reading through the whole thing, what we’re seeing here is a recommendation for more government control of the economy, including investing. Because people who run up trillions in debt and tens of trillions in unfunded liabilities should be listened to.

However, we do have to wonder how much of this is simply patronizing the SJWs and Warmists, who typically share the same Progressive (nice Fascist) ideology, and how much is real Belief.

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7 Responses to “Blackrock Investment: Capitalism Has To Change To Stop ‘Climate Change’ (scam)”

  1. drowningpuppies says:

    However, we do have to wonder how much of this is simply patronizing the SJWs and Warmists,

    Pretty much all of it except making money which is what they will continue to do and the only reason they exist.

  2. Jeffery says:

    TEACH. Do you ever read what you type? So a capitalist money manager hates capitalism because he understands the risk of global warming? In your fevered mind any criticism of capitalism makes one a commie socialist. No wonder you’re a tRump toady.

    As was once asked, “What good will it be for someone to gain the whole world, yet forfeit their soul?”

    • david7134 says:

      You don’t know that the world discourse pits communism as a better alternative to capitalism. Despite the fact that socialized countries have a history of being major polluters. Then your only answer to warming, cooling or whatever is destruction of the U.S.economy and our wealth. Come up with other alternative answers for your religion and you might get some more concern.

  3. drowningpuppies says:

    Noticed in reading the article, Al Gore is referred to as the “former US President”…

  4. Jl says:

    No, J. The correct response would be “he imagines the risk of global warming.”

  5. Dana says:

    So, former Vice President and thankfully never President Al Gore was present at Davos? How typical. That meant a fossil-fueled flight half way around the world, to Zurich, then ground transportation — probably a limo — the 152 kilometers to the luxury ski resort town. How much did he add to the world’s carbon emissions in that wholly unnecessary trip?

  6. Dana says:

    No wonder Tipper left him.

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