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