Blackrock exits climate commitments
The world's biggest asset manager Blackrock has announced that it is withdrawing from the climate group Net Zero Asset Managers Initiative (NZAMI). The initiative brings together investment managers who are committed to the goal of a climate-neutral economy by 2050 and invest in 'green' industries. Commentators discuss whether this is symptomatic of a new global trend.
Uncertainty is the real problem
El País wonders whether there is now a new trend against sustainability:
“A few years ago, something began to change. Trumpism and its allies saw the UN's environmental, sustainability and social criteria (ESG) as a spectre of woke culture and launched a campaign against it. Politicians and business leaders branded them as a political instrument wielded by climate fundamentalists. ... One might expect Blackrock's withdrawal to be followed by similar moves. ... But the investors who are funnelling their money into the green economy are doing so because of the attractive returns. ... Will they stop investing in these sectors if they continue to generate good returns? ... The problem is not so much the retrogression resulting from Trumpism, but the uncertainty it creates.”
After us, the deluge
Trump is giving big corporations the perfect justification for their actions, Rzeczpospolita writes:
“In the US, and probably not only there, Donald Trump's words and decisions will provide the perfect explanation for any business decision that only yesterday would have been seen as contributing to the accelerated destruction of the planet, and would therefore have led to a major corporate boycott. Hence, in the battle between making sacrifices to combat the climate crisis and save our planet and taking part in the carnival of profits without regard for the social consequences, the scales are tipping in favour of the carnival. It's a clear case of 'after us, the deluge'.”