(Bloomberg) –BlackRock Inc. CEO Larry Fink said emerging economies need about $ 1 trillion a year over the next three decades for the world to achieve carbon neutrality.
“Right now, the emerging world is making about $ 150 billion a year, so we are on the road to failure,” Fink said Tuesday at the annual membership meeting of the Institute of International Finance, which is held at performed virtually.
Fink, 68, said the world lacks a proper green energy transition plan and that banks cutting lending to oil and gas exploration companies are fueling short-term hyperinflation in the energy sector. .
That is helping “big hydrocarbon nations like Saudi Arabia and Russia,” he said. “We need a long-term plan as a world to focus on what is the legitimate demand for hydrocarbon debt.”
BlackRock, the world’s largest asset manager with $ 9.5 trillion under management, is expanding its reach into environmentally sustainable investments and raising concerns about corporate policies on climate, diversity and executive compensation.