Coverage of the BlackRock CEO offers an object lesson in how not to report on greenwashing.
by Adam H. Johnson, The Lever
In early December, Larry Fink, CEO of BlackRock, the world’s largest private equity company, announced BlackRock was going all in on crypto currencies, helping revitalize interest in the dwindling, fossil fuel-heavy industry. This otherwise routine business story is noteworthy for one important reason: Three years ago, Fink was heralded by many in business media for ostensibly helping to usher in a new, green, and sustainable brand of capitalism.
Fink now going all-in on the fossil-intensive crypto industry is a good time to review that fawning press coverage and determine what lessons can be learned from that particularly cynical news cycle of greenwashing.
For his big announcement in early 2020 that BlackRock was pivoting to climate-friendly investments, Fink received extensive positive media coverage presenting himself as a private industry advocate working to combat climate change.
With $10 trillion in assets under his management — roughly equivalent to the aggregate wealth of Latin America, and twice that of Africa — Fink argued that BlackRock could be a force of positive change for society’s most urgent problem: human-caused climate change. He received friendly coverage in The New York Times, CNBC, Bloomberg and Fortune, all portraying Fink and BlackRock’s work as a colossal cultural shift in Corporate America away from myopic profit motive into something resembling responsible corporate stewardship of the Earth.
Recent Posts
‘A Moral Obscenity’: Trump Budget Pairs Record Military Boost With Billions in Cuts to Social Programs
Take Action Now “To pay for his endless wars, he wants the biggest increase to military spending in 70 years,” said Rep. Greg Casar. “Hell no.”By…
Meet Leqaa Kordia: Palestinian Protester Freed After a Year in ”ICE Dungeon”
Take Action Now While in custody, Kordia experienced destitute conditions at the Prairieland Detention Center, including overcrowding, inedible food,…
The U.S. and Israel are Making Gaza-Style War the New Normal
Take Action Now In Iran and Lebanon, the US and Israeli militaries are bombing dense residential blocks, destroying civilian infrastructure,…
Black Votes Jeopardized by the SAVE Act
Take Action Now The SAVE Act would require proof of U.S. citizenship to be presented in person in order to register to vote in this country and would…