The BLM's Duty to Incorporate Climate Science into Permitting Practices and a Proposal for Implementing a Net-Zero Requirement into Oil and Gas Permitting

摘要

"Climate risk is investment risk," announced Larry Fink in a letter to CEOs this January. Mr. Fink is the Founder, Chairman and CEO of BlackRock, the largest money-management firm in the world, with more than six trillion dollars in assets under management. Each year, Mr. Fink sends a letter to CEOs signaling BlackRock's investment priorities. This year Mr. Fink warned companies that climate change is driving a profound reassessment of risk and asset values. He reminded CEOs that he has a duty to manage assets according to the priorities of his clients, most of whom seek a sustained yield with a multigenerational investment horizon. Mindful of these priorities, and the threat climate change poses to these objectives, Mr. Fink demanded more robust climate change disclosures from companies seeking access to BlackRock's very deep pockets. Mr. Fink demanded this information because he recognized that "business as usual" is not good business in light of the challenges and risks presented by climate change.