The world’s largest asset manager expects the Russia-Ukraine war will accelerate the shift to green energy as global economies seek to become self-sufficient in their power supply.
“Energy now is moving from just a green issue, it’s clearly becoming a broader societal issue, including self-reliance and the importance of being able to have resilient energy infrastructure,” said Ben Powell, Blackrock’s chief investment strategist for the Asia Pacific region, during an online webinar organised by the asset manager on Wednesday.
“We would see this, sadly of course, as an accelerant of the transition towards energy sources of the future and away from some of the infrastructure of the past, which has sadly shown to be fraught with, let’s say, challenges over the last several weeks,” he said. New York-based Blackrock, which controls around $US9.5 trillion in assets, has been at the forefront of the private sector’s decarbonisation push, and chief executive Larry Fink has become a powerful agitator on climate change.
CharlotteGriev1 Good luck staying warm in winter Russian haters.
CharlotteGriev1 His talking out of his pocket.......never heard so much crap.
CharlotteGriev1 More than likely, and I dare say it's already a factor in Putin's timing, with some big renewable projects scheduled to come online in the next couple of years. Strike now while Europe is addicted to Russian gas and he's still got some leverage.
CharlotteGriev1 Domestic power needs to go modular, mainly offgrid, tank water, solar, wind, septic tanks, etc., supplemented if necessary. Householders tax shouldn't be subsidising big industry. It's like paying for lots of stuff you don't actually use. Time to wake up.
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