BlackRock CEO Says Recent Global Events Could 'Accelerate' Energy Transition Over the Long Term

Published on:
by KnowESG
MAHXRMYX5C2WBEMLIIK5L34ZLM

The CEO of BlackRock company, Larry Fink, said the ongoing conflict in Ukraine would lead to the global energy transition accelerating over the long term. According to him, energy prices will soar and become a burden on countries that cannot afford them least.

As companies look forward to resetting their supply chain and avoiding dependence on Russian oil following the invasion of Ukraine by Russia will lead to a surge in energy prices driven by demand. Fink says, as the US zeroes in on increasing its supply of oil and gas and consumption of coal picking up in Europe and Asia will result in reduced climate-related commitments globally for a short period.

Fink said: "During the pandemic, we saw how a crisis could act as a catalyst for innovation. Businesses, governments, and scientists came together to develop and deploy vaccines at scale in record time. We have already seen European policymakers promoting investment in renewables as an important component of energy security. Germany, for example, plans to accelerate its use of renewable energy and reach 100% clean power by 2035, 15 years ahead of its previous pre-war target."

According to Fink, following the crisis, development and funding for non-conventional sources of energy such as wind and solar power will make countries self-reliant.

Electric automobiles and other clean energy goods might become much more "competitive" economically in the long run as energy costs begin to lower the green premium on clean technologies.

He said energy prices would hinder those nations which cannot even afford the least.

Share:
esg
esg
esg
esg

Investors Headlines

Driving Change: SSGA Rolls Out Sustainability-Focused Proxy Voting Framework

Driving Change: SSGA Rolls Out Sustainability-Focused Proxy Voting Framework

UK Banks Linked to £75bn in Fossil Fuel Projects Abroad

UK Banks Linked to £75bn in Fossil Fuel Projects Abroad

Poet Stock 2025: Sustainability Meets Smart Investing

Thailand Launches ESGX Tax Incentives and LTF Transfer Portal to Boost Green Investments

U.S.'s First ESG-Focused Stock Exchange to be Launched in 2026

Climate Tech Investment Rebounds in US: Silicon Valley Bank Report

ISS STOXX New Rating Assesses Green Bond Risk at Issuance Level

Sironix Raises $3.5M for Renewable Chemicals Sector

Reask Raises USD 4M to Provide Accurate Climate Risk Data

Terabase Raises $130M to Expand Solar Digitization and Automation