BlackRock, the world’s largest asset manager, has downgraded its climate goals amid rising global emissions. The move comes as investors and policymakers increasingly scrutinize the firm’s commitment to achieving net-zero carbon emissions by 2050.
In a statement, BlackRock stated that it now expects to achieve net-zero carbon emissions “in the second half of this century,” rather than the earlier target date of 2030. The revised timeline is seen as a significant climbdown for the company, which had previously vowed to be a leader in the fight against climate change.
The downgrade follows a surge in global greenhouse gas emissions, driven largely by fossil fuel consumption and industrial activities. As investors become more aware of the environmental risks associated with their investments, companies like BlackRock are under pressure to prioritize sustainability and reduce their carbon footprint.
BlackRock’s decision is likely to spark renewed debate about the role of large corporations in addressing climate change. The firm’s revised timeline will also raise questions about its commitment to achieving net-zero emissions and whether it has set a realistic target for reducing its environmental impact.
Source: https://www.ft.com/content/6c87b27c-4f20-47ad-8c05-da5fa78058b4