Even most climate\u002Dprogressive firms aren\u0027t ditching polluting industries with countries still years away from clean energy
But the move shows how hard it is for even the most climate-progressive firms to completely ditch polluting industries at a time when countries are still years away from clean energy.
Brookfield Asset Management Inc. — which hired former Bank of England Governor Mark Carney to strengthen the firm’s environmental, social and governance, or ESG, investing — also placed a bid on the pipeline network. Whoever wins will probably realize considerable returns on an investment that may top US$15 billion. As well as an obligation to investors, the firms are acknowledging that oil and gas companies will have a role to play in energy production for the foreseeable future.
“It really highlights the challenge for the world about how we’re going to get through this next 10 to 20 years while we still need conventional energy,” said Tensie Whelan, director of the Center for Sustainable Business at New York University’s Stern School of Business.When you're making a bid for a major gas pipeline, one should explain how that's consistent with the commitments and consistent with a net-zero futureBlackRock and KKR & Co.
“An investment in a gas pipeline should be explained,” said Lisa Sachs, the director of the Columbia University’s Center on Sustainable Investment. “All over BlackRock’s website is a commitment to net-zero. When you’re making a bid for a major gas pipeline, one should explain how that’s consistent with the commitments and consistent with a net-zero future.”Article content
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