Bill McKibben in The New Yorker:
he year is coming to an end, and all eyes are trained on D.C., as Joe Biden prepares to helm a venerable enterprise with a four-trillion-dollar budget. On the climate front, Biden’s team, which he announced last week, with Gina McCarthy, Deb Haaland, Jennifer Granholm, and John Kerry at the forefront, seems highly credible—a hundred-and-eighty-degree shift from the coterie of coal lobbyists and oil-industry operatives that have decorated the current Administration. Biden’s group has a real shot at getting Washington squarely in the global-warming fight. But, although that federal effort will doubtless occupy much of our attention in the year ahead, let’s close out 2020 by examining the de-facto government based on Wall Street. Its obvious head is BlackRock, the world’s largest asset manager, which is—just for purposes of scale—an eight-trillion-dollar enterprise, and the largest shareholder in almost every company that matters to the future of the Earth. BlackRock is a monetary heavy hitter.
To continue the baseball analogy, BlackRock finally stepped up to the climate plate this year. Larry Fink, the C.E.O., focussed his annual letter to investors on global warming, promising that henceforth sustainability would be at the heart of investment decisions. For that stand, Fink was recently named the first Institutional Investor of the Year—by Institutional Investor magazine. This encomium seems a little like awarding the season’s M.V.P. during spring training, simply because an intrepid player announces his plan to bat .400. In point of fact, BlackRock mostly whiffed on climate last year: the activist group Majority Action reports that, during proxy season, when BlackRock’s votes would have made a real difference, the firm voted to elect ninety-nine per cent of the directors proposed for boards at energy companies and utilities, even if the companies had made no serious climate commitments.
More here.