Does sustainable investing make any difference?
Business Daily
BBC
4.4 • 816 Ratings
🗓️ 13 September 2021
⏱️ 18 minutes
🧾️ Download transcript
Summary
Is corporate social responsibility, so called "greenwashing", really changing carbon emitting businesses or just making it look that way? Canadian businessman Tariq Fancy used to work as Blackrock's Chief Investment Officer for sustainable investing. He tells Ed Butler why he thinks CSR isn't a good enough tool to achieve a net zero economy.
(Picture: Two climate activists from Extinction Rebellion talk to each other outside the Bank of England during a protest. Credit: Getty Images.).
Transcript
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| 0:00.0 | Hi there, I'm Ed Butler. Welcome to Business Daily from the BBC. Today, corporate social responsibility. |
| 0:08.0 | It's all the rage, a New York's top asset manager is telling us Wall Street has changed in the face of the climate change threat. |
| 0:15.7 | But one of his own former chief executives disagrees. |
| 0:19.4 | There's sometimes a misconception or this idea that, you know, people on Wall Street, |
| 0:23.1 | they have the ability to just do the right thing, but they don't do it because they're greedy. |
| 0:28.8 | The truth is they don't have the control to do what we think that they do. |
| 0:32.2 | You cannot rely on any financial services institution to self-regulate or do the right thing on their own because |
| 0:39.3 | they're not structured to do that. Yes, a Wall Street former insider on why sustainable investing |
| 0:45.4 | may not be sustainable. Business Daily from the BBC. |
| 0:52.7 | We are witnessing a real tectonic shift in the dialogues that we are having with our clients. |
| 0:59.3 | More and more clients are asking how can they design a more sustainable portfolio. |
| 1:05.3 | The capital markets is moving very rapidly. |
| 1:08.1 | The words there of Larry Fink. He's the billionaire investor, the founder and CEO of BlackRock, |
| 1:14.3 | speaking to Bloomberg News earlier this year. |
| 1:16.9 | Since 2019, his firm, the world's largest asset manager, |
| 1:20.8 | has spearheaded a new investment philosophy on Wall Street, |
| 1:24.3 | calling on public companies to acknowledge climate change as a fundamental |
| 1:27.6 | growth risk, to change their own carbon strategy accordingly. |
| 1:31.9 | It looks like a big deal. |
| 1:33.6 | Through BlackRock and other asset managers, hundreds of billions of dollars have been |
| 1:38.0 | reallocated to so-called sustainable investment funds. |
| 1:43.5 | First, this is about finding ways to integrate sustainability consistent with driving long-term financial performance. |
... |
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