저자: LarryFink · 외국인
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래리 핑크 블랙록 CEO는 기후 리스크를 투자의 핵심 기준으로 삼겠다고 발표했으며, 이는 향후 자본 재배분이 대규모로 일어날 것이라는 장기 견해다. 핑크는 기후변화 에너지 전환이 40~50년에 걸친 과정이므로 화석연료를 당장 배제하지 않고 점진적 투명성 제고를 요구한다고 설명했다. 석탄은 투자 대상으로 부적절하다고 밝혔고, 천연가스는 전환기 핵심 역할을 할 것으로 봤다. 또한 기후 리스크 분석 강화와 위험조정수익 개선을 목표로 하며, 대형 에너지 기업 중 재생에너지에 앞서 나가는 기업에 투자하겠다고 했다. 정부 정책과 관련해서는 트럼프 행정부가 기후변화를 부정하는 상황에서도 인프라 투자와 정부와의 대화가 필요하다고 주장했다. 전환 과정에서 소외되는 사람이 생기지 않도록 공정한 전환도 강조했다. 고객 반응에 대해서는 대부분 고객이 환영할 것이라고 전망했지만, 일부 불만은 불가피하다고 봤다. 진행자와 패널은 ESG와 지속가능성이 경제적 의사결정에 영향을 줄 것이라는 데 공감했고, 젊은 투자자 세대가 지속가능 펀드를 선호할 것이라는 전망을 제시했다. 다만 대규모 그린딜의 경제적 실현 가능성에는 회의적 시각도 존재했다. 이 영상에는 대상 자산에 대한 1~3개월 가격 방향 예측은 명시적으로 없고, 화석연료 장기 투자 매력 저하 및 재생에너지·가스 관련 장기 구조 변화가 핵심이다.
다듬은 글
welcome back squawk box and big news from Black Rock this morning the company CEO Larry Fink Gus annual letter is out in the world's largest asset manager now announcing the firm will make investment decisions with environmental sustainability at its core picks annual letter to the CEOs the subject of my column this morning in that letter Fink writes the following says the evidence on climate risk is now compelling investors to reassess core assumptions of modern finance and in the near future and sooner than most anticipate there will be a significant reallocation of capital yesterday i sat down with Larry Fink and talked to him about why he is doing this now and what it means for municipalities some of which may be his clients where fossil fuels are fossil fuels are a major component of the local economy here's we had to say the climate change is going to require a huge energy transition it's going to be 40 or 50 years so we're not running away we need to have an organized plan for those countries there are countries too that are heavily based on hydrocarbons for those countries for those states for those municipalities our job is to inform them what we are seeing as an asset allocation we are not running away from all hydrocarbons because we do believe they play a role we believe natural gas plays a very large role in the in the energy transition and so we believe this is a process not just we're not we're not stopping we are we did make a statement that coal is not a good investment now but the most important thing is through that transparency our job is to provide better risk analytics better risk adjusted returns with a sustainability your letter effectively suggests that long term fossil fuels will not be a good investment we believe in most cases fossil fuels will not be a good investment but but but we are not saying they're not a bad investment today either we believe over time we are going to see this energy transition and some of the biggest energy companies are in the forefront of the of renewables and working towards that so this is not a black or white and we're not making a black or white statement related to any of the I would say the fossil fuel companies what we want these companies to do is to provide more transparency move forward towards that the Trump administration has a very different view about climate change it doesn't believe it right now what do you tell members of the administration politicians who don't believe in climate change about what you are now trying to do I believe we need to have a conversation with every government in the world including our government to be better prepared for this I believe we need to be spending large sums of money on infrastructure to be more prepared for this I believe there's more and more science that it is proving that climate change is real and having a very large impact I also believe that it if if we are going to be fair and just we need to also focus on this transition many people are going to be left behind with this transition we need to make sure and this is unfortunately with government officials they're focusing on the more of the short term at time than the long term what I'm talking about is a long term trend that is that is going to have a remarkable impact on valuations of companies valuations of industries and we believe they're going to be some industries are to be better prepared some companies in the energy mix will be better prepared and those are the type of companies we're going to be investing in so we're not running away from those two companies but we want better transparency and out companies are becoming more prepared for this typically the day after your letter is released you get sometimes on the order of hundreds of phone calls and emails and other correspond yes what kind of reaction are you planning for perhaps bracing for this year well I mean you know you have to have a thick skin for this I you know I don't do this because I want to be yelled at but we'll have some components of people we're not going to be happy with a letter on the other hand I do believe most of our clients if you know the majority of our clients are more are gonna be very thankful we're moving this they're gonna be looking for us to be helping them think about these issues that's being said you know I've been doing this a long time they've been years where I'd say 70 percent of the people love that 30 percent hate it I'm not here to tell you whether it's gonna be 70 thirty or thirty seventy and I can't tell you if the far left or the far right there's gonna hate it more or love it more and you know I'm doing this pretty blind right now you read it what do you think do you inspect CEOs yeah to look at this and say Thank You Larry you're now gonna give us cover to make some of the changes we want even if it's gonna hit our own short-term profits or do you think they're gonna call you and and be furious I would say the majority will be thankful I mean I'm not doing this in a vacuum because as I said I've been interviewing and talking to many people about many CEOs and how they see climate change impacting their business I'm not here to represent that I'm gonna have a hundred percent love and kisses bye-bye 80 people but I'm not I didn't write it with that in mind I wrote it in mind too as the world's largest asset manager to try to inform more people of where we believe asset allocation is going where we believe the world of finance is moving towards and we all need to be better prepared and for the full interview you can see it with Larry Fink on cnbc.com but I do think this is one of those days where people will change I think we're gonna talk about this for many many years and I think in the sustainability conversation you're gonna see many more companies I think we're gonna be talking about it frankly all not just next week at some kind of European situation in Davos but I'm already hearing any emails from people about plans that big companies are making they're gonna have real costs to them that are gonna ultimately impact their bottom line in maybe good ways and bad ways but I do think it's this is how the conversations you get a lot of emails and Twitter says you can as you can imagine but I think you both agree on sustainability matters and the inability but economic as well as whatever he's referred to I think a lot of it is I mean I mean some of its really a name but I mean that bottom line is we're on a planet with fixed resources we need to be very careful to Shepherd what we do on this planet whether it's strip mining or what we're doing to the oceans or whatever you're talking about no one's not again no one's against sustainable nobody wants unsustainability I looked up an antonym for that and it's temporary it's fleeting it doesn't sustain if you're not sustaining life you're doing something wrong it's very interesting because you never gonna have investors who are taking effectively activist positions and again they're gonna be divesting of thermal clothes by the biggest divestment program in the last decade but people are investing in meatless meat they're investing and you're gonna have people invest in their with their feet based on their own ideologies larry has that ideology I would not make investments based on AOC or Bernie Sanders and ideologies I just wouldn't I just wanna make be clear I don't believe that this is a political view I do I know you do but I don't believe it's a political view that Larry has on this issue I think that he is making an economic view that there's an entire generation Joe of younger people who are more interested now in these issues than ever before and that when they sign up for their next index fund and their target dated I'm saying you know the retirement in 2050 they're gonna do the one that they're gonna take his new his new fund that screens out fossil fuels but screens out companies that are not sustainable and that's gonna change the entire economic decision I just want adults to stay in charge for as long as they possibly can and they can do whatever they want they can invest wherever they went they can do that let's just hope that cooler heads prevail and and you know we continue along years from now 50 years 100 years when the technology warrants it but economic sustainability obviously a 30 30 trillion dollar new Green Deal is not feasible it's not economically sustainable talking I know it's not but but why does it seem to to split along political ideologies why does it seem that the most sterically Machain Jers are way out here on the sociological end of things and on the other side the Jeff Bezos person well I guess you haven't read The Washington Post well anyway let's it's a different we almost got out of this we're going to have another segment for you at 8:00 you can go wild again you can force me into the defending these things but you know I'm going to Davos I don't people throw them throwing a monkey doodoo at me or something you know what I mean I don't want for the ideas when I'm sitting right III don't you know I don't like arguing religion and I don't want to be a denier and I don't want to be a heretic and I don't want to be I don't want to go to jail I think as I don't wanna guess is not a religious issue it is a fabulous dish you know it's a police is an economic in police system and it's not based on very solid you
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