BlackRock has named the Saudi Aramco CEO to its board - ForexLive
BlackRock has named the Saudi Aramco CEO to its board | Forexlive
Reuters has the info of the appointment of Amin Nasser, the chief of the world's largest oil company Saudi Aramco to the board of the world's top asset manager, BlackRock.
as an independent director
Reuters says:
- His expertise in the Middle East will fill the gap left by Bader Alsaad, chairman of the board of the Arab Fund for Economic & Social Development, who is not standing for reelection on BlackRock's board in 2024, the asset manager said on Monday.
Doesn't look like BlackRock will be doing too much dialling back of fossil fuel investment any time soon ;-)
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”