Opinion | BlackRock was on the right climate track - The Washington Post
Opinion | BlackRock was on the right climate track - The Washington Post
The May 21 Business article “‘ Anti-woke’ attacks cool BlackRock climate efforts” noted the government’s lack of a coherent transition plan to net-zero emissions. This is extremely challenging yet vital. Government, however, is likely incapable of producing the plan on its own.
Perhaps the government needs a forum of universities, businesses and nongovernmental organizations to develop a realistic, comprehensive transition plan for the government to adopt. Cover everything: research needed, timelines to bring technology to commercial use, government actions needed, funding, employment changes, availability of resources, how energy needs will be met during transition, foreign policy changes, etc. Then see what a realistic timeline is and what that means for our nation — as well as consequences if we fail.
BlackRock’s embrace of net zero was superb, but, as the article pointed out, businesses need government to lead.
Edward Diener, Vienna
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Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”