On January, 2020 on the eve of the economically and socially devastating Covid-19 lock downs, the CEO of the world’s largest investment fund, Larry Fink of Blackrock, issued a letter to Wall Street colleagues and corporate CEO’s on the future of investment flows.
In the document, modestly titled “A Fundamental Reshaping of Finance”, Fink, who manages the world’s largest investment fund with some $7 trillion then under management, announced a radical departure for corporate investment. Money would Go Green.
In a separate letter to Blackrock investor clients, Fink delivered the new agenda for capital investing. He declared that Blackrock will exit certain high-carbon investments such as coal, the largest source of electricity for the USA and many other countries.
Blackrock would screen new investment in oil, gas and coal to determine their adherence to the UN Agenda 2030 disguised sustainability.
Fink made clear the world’s largest fund would begin to dis-invest in oil, gas and coal. leading to shortages and chaos.
Over time companies and governments that do not respond to stakeholders and address sustainability risks will encounter growing skepticism from the markets, and in turn, a higher cost of capital.
Climate change has become a defining factor in companies’ long-term prospect, we are on the edge of a fundamental reshaping of finance.
From that point on the so-called ESG investing, penalizing CO2 emitting companies like ExxonMobil, has become all the fashion among hedge funds and Wall Street banks and investment funds, including State Street and the owner of all corporate business Vanguard.
Such is the power of Blackrock. Fink was also able to get four new board members in ExxonMobil committed to end the company’s oil and gas business.
This has been catastrophic for the oil and gas industry. Fink’s man Deese was active in giving the new President Biden a list of anti-oil measures to sign by Executive Order beginning day one in January 2021.
That included closing the huge Keystone XL oil pipeline that would bring 830,000 barrels per day from Canada as far as Texas refineries, and halting any new leases in the Arctic National Wildlife Refuge (ANWR).
Biden also rejoined the Paris Climate Accord that Deese had negotiated for Obama in 2015 and Trump later cancelled. So, the January 2020 Fink letter was a declaration of war by big finance against the conventional energy industry.
BlackRock was an important founding member of the Task Force on Climate-related Financial Disclosures (the TCFD) and is a signatory of the UN Principles for Responsible Investing.
The PRI, a UN-supported network of investors pushing zero carbon investing using the highly-corrupt ESG criteria—Environmental, Social and Governance factors into investment decisions.
There is no objective control over fake data for a company’s ESG. As well Blackrock signed the Vatican’s 2019 statement advocating carbon pricing regimes.
BlackRock in 2020 also joined Climate Action 100, a coalition of almost 400 investment managers managing US$40 trillion. With that fateful January 2020 CEO letter, Larry Fink set in motion a colossal disinvestment in the trillion-dollar global oil and gas sector.
In just two years, by 2022 an estimated $1 trillion has exited investment in oil and gas exploration and development globally.
Oil extraction is an expensive business and cut-off of external investment by BlackRock and other Wall Street investors spells the slow death of the industry.
Notably, that same year BlackRock’s Fink was named to the Board of Trustees of Klaus Schwab’s dystopian World Economic Forum, the corporate and political nexus of the Zero Carbon UN Agenda 2030.
In June 2019, the WEF and the United Nations signed a strategic partnership framework to accelerate the implementation of the 2030 Agenda. WEF has a Strategic Intelligence platform which includes Agenda 2030’s 17 Sustainable Development Goals.
Biden’s aggressive environmental rules and BlackRock ESG investing mandates are killing the US refinery capacity. Without refineries it doesn’t matter how many barrels of oil you take from the Strategic Petroleum Reserve.
In the first two years of Biden’s Presidency the USA has shut down some 1 million barrels a day of gasoline and diesel refining capacity, some due to covid demand collapse, the fastest decline in US history.
Citing the heavy Wall Street disinvestment in oil and the Biden anti-oil policies, the CEO of Chevron (owned by Rockefellers) in June 2022 declared that he doesn’t believe the US will ever build another new refinery.
Larry Fink, Board member of Klaus Schwab’s World Economic Forum, is joined by the EU whose President of the EU Commission, the notoriously corrupt Ursula von der Leyen left the WEF Board in 2019 to become EU Commission head.
Her first major act in Brussels was to push through the EU Zero Carbon Fit for 55 agenda. That has imposed major carbon taxes and other constraints on oil, gas and coal in the EU well before the February 2022 Russian actions in Ukraine.
The combined impact of the Fink fraudulent ESG agenda in the Biden administration and the EU Zero Carbon madness is creating the worst energy and inflation crisis in history.
Strategic Culture / ABC Flash Point News 2022.