Larry Fink sends an annual letter to the bosses of all companies in which it is invested, and a few years ago the main topic was decarbonization.
As the general director of Blackrock, the world's world's world's world, his message brings with it to investors and corporate leaders around the world.
His next letter will appear soon, and he suggests that the emphasis will be less pressure on the environment and reduce emissions.
“I still believe it, but I also warn that every decarbonization technology is currently highly inflationary,” Fink said, saying on stage in this week in Houston as part of Ceraweek, a global energy conference.
Fink is not alone in making this change. The emphasis on climatic effect and the transition to cleaner energy has decreased in recent years, because more emphasis is placed on energy security and price accessibility.
And it was before Donald Trump returned to the White House.
Since then, the US President drawn A country from Paris climate agreement and reduced climate subsidies. Inflation Reduction Act, Pure Energy Program Introduced by former president Joe Biden is now in the crosshairs.
In addition, Trump issued an order to withdraw the ban on biden in oil and gas drilling in most coastal waters in the USA, and also has temporarily suspended New or renewed lease agreements for offshore and land wind projects.
The director of the Sierra Club campaign claims that Trump's withdrawal from the climate agreement is a “call to act” for every other country in the world, including Canada.
In total, you can affect hundreds of billions of dollars in the field of pure technology and low -emission energy projects, and the effects of breeding could be felt around the world.
“We have to think about power and energy in a pragmatic way throughout the board,” Fink said.
A few years ago, the climate was the main topic of the annual Ceraweek event, because corporate and government leaders presented their environmental progress and the latest investments.
This year it is noticeably absent in the conversation. Instead, the reflector concerns the growing global demand for all types of energy, especially oil and natural gas.
“Side effect”
During Monday, the Secretary of Energy Trump, Chris Wright, called himself a “realist atmosphere.”
“Trump's administration will treat climate change for what it is, a global physical phenomenon, which is a side effect of building a modern world,” he said. “Everything in life requires compromises. All”.
Experts are increasingly saying transition It will be more difficult, expensive and complicated than expected.
Some power companies are shifting away from decarbonization.
Five years ago, BP set one of the most ambitious goals of each large oil company, including limiting oil and gas production by 40 percent to 2030 and will significantly increase investments in renewable energy sources.
Now this plan has been thrown out of the window.
BP changes investments from renewable energy back to oil and gas production as part of “reset” for the company, said CEO of Murray Auchincloss.
“The world has changed a lot,” he said on the stage in Houston. “When I visited governments around the world, it became clear that two priorities in all countries where we operate were a really affordable energy price and reliable energy.”
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Trump's headlight light
Martha Hall Findlay, head of the University of Calgary's School of Policy Policy policy policy policy policy policy policy Martha, is noticeable. He is a former liberal MP and recently served as the climate director at Suncor Energy.
“I don't enjoy it. Climate change is a problem, “she said during an interview in Calgary.
“The basic change was the choice of Donald Trump,” said Hall Findlay, pointing to the contempt for environmental policy, dismantling green subsidies, promoting more oil drilling, questioning the science of climate change and its adaptation to Russia on the world stage.
“What are the priorities in such a situation?” She said. “Unfortunately, this is not a climate.”
After returning to Trump in the White House, Dan Grossman from the Environmental Defense Fund expected a joyful atmosphere of the party among the oil and gas industry in Ceraweek in Texas.
Instead, companies claim that they are still involved in climate efforts.
“We certainly don't see many disputes and fights for food,” said Grossman in an interview with CBC News in Houston.
“We have made a lot of progress around the world in terms of climate change and mitigal of methane, and this will not only disperse overnight,” he said. “People who are official could change, but the science behind the climate change has not changed.”
Climate expenses
According to S&P Global Commodity, Insights 2025 has for the first time that expenditure on clean energy technology will replace investments in oil and gas.
“There are companies that will decide that the climate is less a priority, that sustainable development is a smaller priority and that they want to focus more on costs and short-term returns,” said Roman Kramarchuk, head of climate markets at S&P, in an interview with CBC News in Houston.
At the same time, there will be other companies that recognize the climate as a way to make their abilities and earn money in this sense. “
In the United States, many state and local governments continue their environmental policies to help solve climate change.
In the case of companies, they often make large investment decisions that will make sense in the future a decade or two, long after President Trump.
“They see which direction the world is going,” said Samantha Gross, an analyst for energy security and climate at the Brookings Institution, Think Tank from DC. “I think they approach the energy crossing with realism and understanding that this will not happen overnight.”
Fink, the head of a huge money manager, is still optimistic about where the world is going and how quickly technology changes many aspects of the energy sector.
Despite this, inflation is the most important for him, and decarbonization efforts do not always have financial sense.
“Everyone talks about the opportunity with hydrogen. Well, we can have green hydrogen and blue hydrogen, but is anyone ready to pay costs? “