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Larry Fink Sounds Greenwashing Alarm as Fossil Fuels Move Into Private Hands

(Bloomberg) — Larry Fink said too narrow a focus on the climate policies of public companies risks undermining the green agenda and is potentially creating “the largest capital-market arbitrage in our lifetimes,” as hydrocarbon assets move from public to private hands.

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Larry Fink Sounds Greenwashing Alarm as Fossil Fuels Move Into Private Hands
© Bloomberg. Larry Fink, chief executive officer of BlackRock Inc., gestures as he speaks during a Bloomberg event on the opening day of the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 21, 2020. World leaders, influential executives, bankers and policy makers attend the 50th annual meeting of the World Economic Forum in Davos from Jan. 21 – 24. Photographer: Simon Dawson/Bloomberg

(Bloomberg) — Larry Fink said too narrow a focus on the climate policies of public companies risks undermining the green agenda and is potentially creating “the largest capital-market arbitrage in our lifetimes,” as hydrocarbon assets move from public to private hands.

“There’s more movement away from hydrocarbon assets into private hands than anytime, ever,” Fink said. “That does not change the net zero world. That’s window dressing, that’s greenwashing.” 

The BlackRock Inc (NYSE:). chief executive officer was speaking on a panel Tuesday at the Green Horizon Summit, a finance-focused event hosted by the City of London and the Green Finance Institute on the sidelines of the COP26 meeting in Glasgow. 

Read More: The Retreat of Exxon (NYSE:) and the Oil Majors Won’t Stop Fossil Fuel

Fink called for a holistic approach to ensure all businesses are held to the same standard. He also said any mechanism for carbon pricing must be responsive to higher energy prices to ensure the transition to green energy doesn’t unduly impact the poorest parts of society.

Fink, who turned up to the event in hiking boots and a suit, was due to be joined by COP26 Climate Advisor Mark Carney for the panel. But attendees were told the former Bank of England governor wouldn’t make it because he was being held in the so-called blue zone, which the secret service had locked down as President Joe Biden left. The Lord Mayor of London William Russell stepped in at the last minute to fill Carney’s place.

©2021 Bloomberg L.P.

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Economy

Oil Prices Fall amid Protests in China

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Oil prices decline

Oil prices fell on Monday amid a general decline in investor appetite for risk amid information about the ongoing protests in China against vested restrictions.

The cost of January futures on Brent crude oil on London’s ICE Futures exchange was $81.31 per barrel on Monday, down $2.32 (2.77%) from the close of the previous session. At the close of trading on Friday, those contracts fell $1.71 per barrel to $83.63.

Oil prices decline – what’s going on in the market?

The price of WTI futures for January crude fell by $2.31 (3.03%) to $73.97 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX). By closing of previous trades, the cost of these contracts decreased by $1.66 (2.1%) to $76.28 per barrel. Brent and WTI gained 4.6% and 4.8%, respectively, last week.

According to Bloomberg, protests were held in cities across the country, including the capital Beijing, as well as Shanghai, Xinjiang, and Wuhan, which was originally the epicenter of the COVID-19 spread.

That contributes to a stronger U.S. dollar, which reduces the attractiveness of investments in crude, and also raises the possibility of even more significant tightening of restrictions by Chinese authorities, the agency said.

“The outlook for the oil market remains unfavorable and the events of this weekend in China do not add to the positive,” notes Warren Patterson, who is in charge of commodities strategy at ING Groep NV in Singapore.

According to the forecast of analytical company Kpler, oil demand in China in the fourth quarter will decrease to 15.11 million barrels per day (bpd) compared to 15.82 million bpd a year earlier.

Earlier we reported that Russia will ban the sale of its oil to countries that have imposed a price ceiling.

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Economy

Oil Russia ban news: Russia will ban the sale of its oil to countries that have imposed a price ceiling

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oil Russia ban

Will Russia sell oil to Europe? The administration of President Vladimir Putin is preparing an order prohibiting Russian companies and any trader from buying Russian oil to sell raw materials to countries and companies that have imposed a price ceiling on Moscow. Bloomberg news agency wrote this, citing a report from sources.

“The Kremlin is preparing a presidential decree banning Russian companies and any traders buying national oil from selling it to anyone who participates in the price ceiling,” the publication wrote.

According to the newspaper’s interlocutors, this would prohibit any mention of the price ceiling in contracts for Russian crude, as well as transferring it to countries that have joined the price ceiling for the natural resource.

In the first half of September, the press service of the US Treasury Department said that the USA, together with its allies from G7 (Great Britain, Germany, Italy, Canada, France and Japan) and the European Union (EU) would impose a ban on marine transportation of Russian oil on December 5 and oil products – on February 5.

Earlier we reported that EU negotiations on limiting the prices of Russian oil reached a deadlock today.

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Economy

EU talks on restrictions on Russian crude oil prices today stalled

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russian crude oil price today

Negotiations between the European Union countries about the “ceiling” of Russian crude oil prices today reached an impasse; Bloomberg reported, according to its sources.

Representatives of the bloc cannot reach an agreement on the ceiling price of Russian oil. According to the agency, the proposed European Commission limit of $65-70 per barrel, Poland and the Baltic countries believe “too generous,” while Greece and Malta, which is actively engaged in transporting fuel, do not want the limit to fall below $ 70. Recall that the Russian response to the oil price cap was negative. The Russian government has officially said that it will only sell oil at market prices.

“We are looking for ways to make this solution work and we are trying to find a common ground to implement it in a perfectly pragmatic and efficient way, while avoiding that it may cause excessive inconvenience to the European Union,” said German Chancellor Olaf Scholz.

Earlier, we reported that the SEC fined Goldman Sachs $4 million for non-compliance with ESG fund principles.

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