The World’s Biggest Capitalist Says Climate Is ‘Reshaping Finance’

The world’s largest asset manager, BlackRock, is suddenly putting sustainability and climate risk at the center of its investment strategy.  “Investors are increasingly...recognizing that climate risk is investment risk. These questions are driving a profound reassessment of risk and asset values. And because capital markets pull future risk forward, we will see changes in capital allocation more quickly than we see changes to the climate itself,” wrote BlackRock CEO Larry Fink in his yearly investment letter. BlackRock manages over $7 trillion in assets. This new strategy could have a wide impact on the world of finance -- and put climate risk at the top of investor considerations. Plus, activists are targeting banks like Chase and Citibank by hitting them on the consumer finance side. We check in on the divestment movement as it gains momentum. Then, a look at some lesser-known, but formidable greenhouse gases: refrigerants. How much a problem are they? Finally, California looks beyond lithium-ion batteries. The state is looking to fund the next ideas in energy storage. What are those technologies and how will they be deployed? Resources:New York Times: BlackRock C.E.O. Larry Fink: Climate Crisis Will Reshape FinanceListen to the Climate 2020 podcast interview with Bill McKibbenBill McKibben in NYT: Want to Do Something About Climate? Follow the MoneyE&E News: Senators Float HFC Phase-Down BillGreenBiz: Why Supermarkets are Key to a Cooler ClimateUtility Dive: California Is Looking for Better StorageThis podcast is brought to you by Energetic Insurance. Energetic’s EneRate Credit Cover policy is an easy button for commercial solar – similar to a FICO score in residential solar. This enables savvy developers and investors to quickly finance commercial solar projects and turn around portfolio refinancings faster. Find out more. This podcast is brought to you by KORE Power. KORE Power is a leading manufacturer of high-density, high-voltage energy storage solutions for utility, industrial, microgrids and mission-critical markets. Find out more. 

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Covering breaking news in clean tech, going deep on global energy policy, and debating the levers that need to move to accelerate the energy transition. Energy Gang is the podcast covering clean energy technology, renewable energy, and the environment. The world of clean energy moves fast, and you need a reliable source to stay on top of the news that matters. You’ll find it on Wood Mackenzie’s Energy Gang.How will changes to the US government affect decarbonisation and energy security? When will hydrogen, nuclear and carbon capture deploy at scale? Where’s the money for the energy transition green finance coming from and how much more is needed? What’s the outlook for EVs? What are the energy predictions for solar energy? What's the latest on climate change?Get answers to questions like these, bi-weekly on Tuesdays at 7am ET. Plus, get special live episodes recorded at the biggest climate and energy events throughout the year, like COP30 and Climate Week NYC. Don’t worry if you can’t make it in person, Energy Gang brings you all the updates on energy policy, energy finance and energy innovation you need to hear.Energy Gang is presented by Wood Mackenzie and hosted by Ed Crooks, Vice-Chairman of Energy at Wood Mackenzie and a former Financial Times and BBC News journalist. Regular guests are Amy Myers-Jaffe (Director of NYU’s Energy, Climate Justice and Sustainability Lab), and Dr Melissa Lott (Partner at Microsoft) – plus a roster of industry leaders and policy influencers, like Jigar Shah (Industry figurehead and former director of the Loan Programs Office in the US Department of Energy), Caroline Golin (Head of North America, Global Energy Market Development and Policy at Google) and Ambassador Geoffrey Pyatt (Former Assistant Secretary of State for Energy Resources).If you like The Energy Transition Show, Catalyst with Shayle Kann, The Big Switch from Columbia University, Open Circuit with Stephen Lacey or The Green Blueprint, you’ll enjoy Energy Gang.Want to get involved with the show? Reach out to podcasts@woodmac.com to:Bring Energy Gang to your eventBe a guest on the showSponsor an episodeAsk a question to Ed Crooks or one of our guestsCheck out another leading clean tech global podcast by Wood Mackenzie, Interchange Recharged: https://www.woodmac.com/podcasts/the-interchange-recharged/Wood Mackenzie is the leading global data and analytics solutions provider for renewables, energy and natural resources. Learn more about Wood Mackenzie on the official website: https://www.woodmac.com/