BlackRock

BlackRock won't save the planet

illustration of a greek statue rolling the earth up the hill
Illustration: Sarah Grillo/Axios

The planet faces a collective action problem of existential proportions. No one country or company can prevent catastrophic global warming; all of them need to work in conjunction with one another.

Why it matters: That kind of cooperation flies in the face of the standard capitalist mode, which is competition. If shareholders were to unite and force companies to cooperate on carbon reduction, that could prevent the death and displacement of millions of people.

The limits of BlackRock's new climate strategy

Laurence D. Fink, chairman and C.E.O.
Laurence D. Fink, chairman and C.E.O. in 2018. Photo: Michael Cohen/Getty Images for The New York Times

BlackRock's climate strategy rolled out Tuesday won't leave anyone confusing the asset management giant with Greenpeace, despite the suite of big new pledges.

Driving the news: Take the plan to dump producers of thermal coal — the stuff used in power plants — from their active portfolios.