BlackRock shifting from fossil fuel investments

The CBC is reporting: BlackRock, world’s largest asset manager, changing its focus to climate change.

This is intriguing in several ways. Climate change action is held up politically in part because right wing parties have embraced climate change denial and the defence of the fossil fuel industry. Even progressive parties seem to take the Trudeau approach of promising ambitious targets for long after they are in power, making incremental positive changes, but then continuing to support fossil fuel development to such a degree that those positive changes are overwhelmed.

If the world’s vast pools of finance capital have begun to seriously question the financial return from fossil fuel investments it could do more to decarbonize the global economy than anything which humanity has done so far. It would also be interesting politically if the aims of a climate activist movement which is largely anti-capitalist and redistributive in its membership end up being adopted more immediately and meaningfully by for-profit actors than by governments notionally accountable to the public. It would be interesting too to see what effect this kind of capital shifting may have on right-wing politics.