War to speed shift to green energy, digital currencies: BlackRock's Fink
BNN Bloomberg
Russia’s invasion of Ukraine has the potential to accelerate the global shift to green energy and the use of digital currencies, according to BlackRock Inc. Chief Executive Officer Larry Fink.
Russia’s invasion of Ukraine has the potential to accelerate the global shift to green energy and the use of digital currencies, according to BlackRock Inc. Chief Executive Officer Larry Fink.
In his annual letter to shareholders, Fink said while the war will “inevitably slow” the move to net-zero in the immediate term, it will speed up the use of renewable energy sources in the longer term.
“We’ve already seen European policy makers promoting investment in renewables as an important component of energy security,” Fink, 69, said. “More than ever, countries that don’t have their own energy sources will need to fund and develop them– which for many will mean investing in wind and solar power.”
On digital currencies, Fink said the war will prompt countries to reconsider their reliance on traditional money and payment systems. “A global digital payment system, thoughtfully designed, can enhance the settlement of international transactions while reducing the risk of money laundering and corruption,” Fink said.
In a sign of the growing importance of digital currencies, Fink said BlackRock is now studying how they and stablecoins can be used to help clients.
Other highlights from the letter:
