Blackrock CEO says the world is on track to lose climate change fight

(Bloomberg) --BlackRock Inc. Chief Executive Officer Larry Fink said emerging economies need about $1 trillion a year over the next three decades for the world to achieve carbon neutrality.

“Right now the emerging world is getting about $150 billion a year, so we’re on a pathway of failing,” Fink said Tuesday at the Institute of International Finance annual membership meeting, which is being held virtually.

Fink, 68, said the world lacks an adequate plan to transition to green energy and that banks curtailing lending to oil and gas exploration companies is stoking short-term hyperinflation in the energy sector. That’s helping “large hydrocarbon nations like Saudi Arabia and Russia,” he said. “We need a long-term plan as a world to focus on what is legitimate debt demand for hydrocarbons.”

BlackRock, the world’s largest asset manager with $9.5 trillion under management, is expanding its reach in environmentally sustainable investments and voicing concerns over corporate policies on climate, diversity and executive compensation.