Black Rock CEO on ESG: ‘I Don’t Say Them Anymore’

CLAMAN Well some of ░░░░░░░░ has to do with ░░░░░░░░ you have been behind ░░░░░░░░ many years and that ░░░░░░░░ ESG FINK Right CLAMAN ░░░░░░░░ social and governance GASPARINO ░░░░░░░░ can say those words ░░░░░░░░ FINK I don t ░░░░░░░░ them anymore Laughter CLAMAN ░░░░░░░░ my God GASPARINO We ░░░░░░░░ t go there Laughter ░░░░░░░░ Much of the nation ░░░░░░░░ broiling hot right now ░░░░░░░░ Yes CLAMAN We can ░░░░░░░░ up a weather map ░░░░░░░░ it is the pretty ░░░░░░░░ A lot of records ░░░░░░░░ been broken particularly in ░░░░░░░░ southwest Texas is melting ░░░░░░░░ The town of Tahoka ░░░░░░░░ a 110 year old ░░░░░░░░ It s been nuts ░░░░░░░░ hit 116 degrees Last ░░░░░░░░ the state hit a ░░░░░░░░ record for electricity demand ░░░░░░░░ Yes CLAMAN But what ░░░░░░░░ interesting is much of ░░░░░░░░ demand as conditioners are ░░░░░░░░ at full speed comes ░░░░░░░░ sustainable So whether that ░░░░░░░░ solar FINK Yes or ░░░░░░░░ CLAMAN it s filling ░░░░░░░░ demand And yet the ░░░░░░░░ of Texas doesn t ░░░░░░░░ you guys FINK No ░░░░░░░░ Texas is the people ░░░░░░░░ t understand Texas is ░░░░░░░░ number one state now ░░░░░░░░ renewables It is also ░░░░░░░░ the largest state in ░░░░░░░░ terms of traditional energy ░░░░░░░░ power And so we ░░░░░░░░ at this that we ░░░░░░░░ power in both traditionals ░░░░░░░░ renewables and we re ░░░░░░░░ to be announcing a ░░░░░░░░ transaction with a traditional ░░░░░░░░ company that s heavily ░░░░░░░░ gas and we re ░░░░░░░░ them move towards more ░░░░░░░░ And so our job ░░░░░░░░ to be working on ░░░░░░░░ of the asset owners ░░░░░░░░ mean we re the ░░░░░░░░ asset manager That means ░░░░░░░░ of the money s ░░░░░░░░ We re working with ░░░░░░░░ the asset owners and ░░░░░░░░ to to help them ░░░░░░░░ long term solutions And ░░░░░░░░ of the long term ░░░░░░░░ is working on decarbonization ░░░░░░░░ hopefully we can develop ░░░░░░░░ new technology to bring ░░░░░░░░ the cost even more ░░░░░░░░ But let s be ░░░░░░░░ Charlie and you ve ░░░░░░░░ this BlackRock has hundreds ░░░░░░░░ funds with fossil fuel ░░░░░░░░ Totally GASPARINO 200 billion ░░░░░░░░ Is that the FINK ░░░░░░░░ no worldwide over 380 ░░░░░░░░ CLAMAN Correct 380 billion ░░░░░░░░ it s something like ░░░░░░░░ of your funds have ░░░░░░░░ least one or two ░░░░░░░░ So you re the ░░░░░░░░ fin stock investor in ░░░░░░░░ world FINK Well I ░░░░░░░░ t call it fin ░░░░░░░░ We have to rely ░░░░░░░░ traditional energy At the ░░░░░░░░ time we need to ░░░░░░░░ build decarbonization technology to ░░░░░░░░ the demand But that ░░░░░░░░ going to take years ░░░░░░░░ years and years and ░░░░░░░░ you know And so ░░░░░░░░ question is do we ░░░░░░░░ the time You re ░░░░░░░░ about record heat The ░░░░░░░░ that I focus on ░░░░░░░░ we re not spending ░░░░░░░░ time on is what ░░░░░░░░ going on in homeowners ░░░░░░░░ In the state of ░░░░░░░░ in the state of ░░░░░░░░ state of California major ░░░░░░░░ property and casualty companies ░░░░░░░░ brands are leaving the ░░░░░░░░ because they can t ░░░░░░░░ the price to meet ░░░░░░░░ returns on homeowners And ░░░░░░░░ re displacing you know ░░░░░░░░ a large segment of ░░░░░░░░ today that are not ░░░░░░░░ to be able to ░░░░░░░░ homeowner s insurance if ░░░░░░░░ are in an area ░░░░░░░░ risk To me that ░░░░░░░░ where climate is investment ░░░░░░░░ That s what I ░░░░░░░░ about You know I ░░░░░░░░ So why not say ░░░░░░░░ anymore FINK Because it ░░░░░░░░ been weaponized by the ░░░░░░░░ left and the far ░░░░░░░░ and it s we ░░░░░░░░ the conversation GASPARINO Maybe ░░░░░░░░ to GSE I can ░░░░░░░░ help but laugh about ░░░░░░░░ because it sounds so ░░░░░░░░ attacks on you are ░░░░░░░░ of absurd because I ░░░░░░░░ Texas coming after you ░░░░░░░░ ESG I see Republicans ░░░░░░░░ see that guy from ░░░░░░░░ York Lander Brad Lander ░░░░░░░░ comptroller of New York ░░░░░░░░ He s attacking us ░░░░░░░░ re not doing enough ░░░░░░░░ Not doing enough We ░░░░░░░░ to you to get ░░░░░░░░ of all of it ░░░░░░░░ you re saying I ░░░░░░░░ t do that.’”