Laurence D. Fink, who runs BlackRock, has urged companies to adopt socially conscious practices. Winnie Au for The New York Times
We have no access to Mr. Fink’s motives or those of the firm he runs, or to how he and his colleagues make decisions–only to some of the actions they have taken. Our view on him and his firm may be simplistic, in that we respect their initial leadership on ESG but fault them now for not doing more. Even if they have only been virtue-signaling, and even if they fall short on true virtue, what they have done is obviously much better than those who are wrong on climate change:
Right-wing officials are attacking BlackRock for overstepping. Those on the left say the world’s biggest asset manager is not doing enough.
Environmental, social and governance — or E.S.G. — investing, “to some degree, is a smoke screen,” said Tariq Fancy, a former BlackRock executive. Chloe Ellingson for The New York Times
It was a clarion call to chief executives everywhere.
In 2018, Laurence D. Fink, the longtime chief executive of BlackRock, the world’s largest asset manager, urged corporate leaders to assess the societal impact of their businesses, embrace diversity and consider how climate change could affect long-term growth.
“Companies,” Mr. Fink wrote in his annual letter to chief executives, “must ask themselves: What role do we play in the community? How are we managing our impact on the environment? Are we working to create a diverse work force? Are we adapting to technological change?” Continue reading →
Philanthropy has been a part of Patagonia Books’ mission and operations from the beginning, says Director Karla Olson.
When Yvon Chouinard, the founder of the outdoor wear and gear giant Patagonia, announced his decision to donate his $3-billion company to the newly established nonprofit Holdfast Collective for the purpose of combating climate change, Yale Climate Connections was both impressed and curious. Continue reading →
In February, Bank of America offered its employees a notable perk: If they had worked at the bank for at least three years, and made less than $250,000, then it would give them $4,000 to buy a new electric car. (Employees interested in merely leasing an EV could claim $2,000.) The move, attached to a company-wide round of salary increases, wasn’t the first time that the bank had made the offer; it had made a similar one in 2015, and again in 2020, although those incentives had also applied to gas-electric hybrids. Continue reading →
A climate activist picketing outside a Chase Bank branch in New York earlier this year. Photograph by Erik McGregor / Getty
It is a no-brainer to oppose Line 3, but mere opposition does not amount to much. Action is the thing. And action is not always as cumbersome as it may sound. For example, if you bank with the people who are bullish on the future of oil, and who mix your money up with that money, it is time to rethink that relationship. Pull your money out of that bank:
“Greenwashing” is too kind a term; this is more like careful sabotage.
Travellers arriving in an unfamiliar city used to worry that they’d climb in a taxi and be driven to their destination by the most circuitous route possible, racking up an enormous bill. That’s pretty much what Big Oil and its allies in government and the financial world are doing with the climate crisis—in fact, at this point, it’s the heart of the problem. Continue reading →
Amazon has a plastic problem. Oceana analyzed e-commerce and packaging market data1 as well as a recent scientific report, published in Science about predicted growth in plastic waste, that projects plastic pollution of aquatic ecosystems by country2 and found that Amazon has a large and rapidly growing plastic pollution footprint. Continue reading →
The Miniature Science series of ads, created last year by the very talented folks at BBDO on behalf of their client ExxonMobil, are snappy.
By now most people who pay attention to climate science are aware of ExxonMobil’s active role in creating doubt about the emerging facts that their own scientists established about mankind’s impact on climate. In addition to actors like that giant petrochemical company, there are also behind-the-scenes, complicit creatives who have provided essential messaging to strengthen the deception. In a new essay, Bill McKibben turns his attention to those folks, and expects accountability:
If money is the oxygen on which the fire of global warming burns, then P.R. campaigns and snappy catchphrases are the kindling. Illustration by Lia Liao
Past sins are past no more: an overdue historical recalibration is under way, with monuments being pulled down, dorms renamed, restitution offered. People did things, bad things; even across the span of centuries, they’re being held to account, and there’s something noble about that. The Reverend Robert W. Lee IV, for instance, recently backed the removal of his famous ancestor’s statue from Richmond, Virginia. The memorial, he wrote, “is a hollow reminder of a painful ideology and acts of oppression against black people. Taking it down will provide new opportunities for conversations, relationships and policy change.” Such a response raises an uncomfortable question: What are we doing now that our descendants will need to apologize for? Might we be able to get ahead of the sin this time? Continue reading →
I am not a fan of IKEA. That said, I shopped there once, as a younger parent. There seemed no other choice at the time, and I did not regret it until I became more acutely conscious of the perils posed by this business model. Thanks to Olivia Rosane at EcoWatch for sharing this story, which I missed in the Guardian because I scan the Environment section and usually skip the Business section (note to self):
Christian Kroll was inspired to change the direction of his life after travelling through India
I remember testing Ecosia in 2013, when we were based in India. For some reason I no longer recall it did not remain my default search engine then. But after reading again about it now–and more about its founder’s ideas and expectations, and most importantly his actions–I was intrigued enough to do another test. Not exhaustive, but I compared the search results on Ecosia versus Google for a bunch of words and phrases that are of interest to me. Since Ecosia is connected to Bing I did not need to compare those results. Result? I have just made Ecosia my default search engine, for the reasons Mr. Kroll expected I would. And if for any reason I decide to switch back, this time I will report why here. But I do not expect to. This is an attempt to be consistent with my own expectations. Thanks to Suzanne Bearne for bringing this/him back to my attention:
Thanks as always to Bill McKibben, in particular this time for disguising a podcast recommendation (click the image above to go to the website of the podcast) as a recommendation for regulating Facebook:
Why is it so hard to get Facebook to do anything about the hate and deception that fill its pages, even when it’s clear that they are helping to destroy democracy? And why, of all things, did the company recently decide to exempt a climate-denial post from its fact-checking process? The answer is clear: Facebook’s core business is to get as many people as possible to spend as many hours as possible on its site, so that it can sell those people’s attention to advertisers. (A Facebook spokesperson said the company’s policy stipulates that “clear opinion content is not subject to fact-checking on Facebook.”) This notion of core business explains a lot—including why it’s so hard to make rapid gains in the fight against climate change.Continue reading →
Tin Shed Ventures is Patagonia’s corporate venture capital fund, which invests in start-ups that offer solutions to the environmental crisis. Originally launched as $20 Million and Change in May 2013, Tin Shed Ventures partners with businesses focused on building renewable energy infrastructure, practicing regenerative organic agriculture, conserving water, diverting waste and creating sustainable materials. Continue reading →
“The evidence on climate risk is compelling investors to reassess core assumptions about modern finance,” Laurence D. Fink, the chief of BlackRock, wrote in his annual letter. Damon Winter/The New York Times
He may be late, but better that versus never. Investing with consideration for the environment seemed obvious long ago to some, but not to the decision-makers who most count–those whose investment decisions impact generations to come. Presumably, from the size of fund he manages, one of the most respected investors has decided to do the right thing as best he can, and that may be huge:
In his influential annual letter to chief executives, Larry Fink said his firm would avoid investments in companies that “present a high sustainability-related risk.”
BlackRock has faced criticism for being behind on pushing environmental issues. Lucas Jackson/Reuters
Laurence D. Fink, the founder and chief executive of BlackRock, plans to announce Tuesday that his firm will make investment decisions with environmental sustainability as a core goal.
BlackRock is the largest in its field, with nearly $7 trillion under management, and this move will fundamentally shift its investing policy — and could reshape how corporate America does business and put pressure on other large money managers to follow suit. Continue reading →
‘The Arctic refuge is not just a piece of land with oil underneath. It’s the heart of our people; our food security, way of life and very survival depends on its protection.’ Photograph: Saul Loeb/AFP/Getty Images
Thanks to the Guardian for this op-ed by Bernadette Demientieff:
If banks destroy our homeland, they’ll have the Gwich’in Nation, and the millions of Americans who stand with us, to answer to
Last fall, I traveled more than 4,000 miles from my home in Alaska to meet with major banks and urge them to help protect the Arctic national wildlife refuge from destructive oil drilling and exploration. In all the years I’ve worked to defend this place, we’ve been focused on trying to make our voices heard by leaders in the White House or in Congress, and I never thought I’d be sitting in a conference room on the 43rd floor of Goldman Sachs’ global headquarters in downtown New York, talking about the Arctic refuge. Continue reading →
Food Runners saves extra grub before it’s wasted, and delivers it to hungry mouths.
Tso loads his car with Tetris-like precision. Marisa Endicott
I meet Les Tso on a corner in San Francisco’s SoMa district on a wet Thursday afternoon. He pulls his silver Isuzu SUV into an alley. “Today because it’s the first rain, people are going to be driving cluelessly—there are a lot of Uber and Lyft drivers that come from out of the area,” Tso warns me. “Makes it more exciting, I guess.”
Tso picks up donations from an average 16 places a day. Marisa Endicott
Tso works as a driver for Food Runners, a nonprofit that picks up leftover food from grocery stores, companies, events, and restaurants and brings it to organizations working to feed the hungry. For four hours every weekday, Tso braves the worst of Bay Area traffic to makes his 80 to 90 pickups (an average of 16 a day), primarily from tech companies—including Google, Juul, and LinkedIn—that have become an omnipresent force in the city. Continue reading →
Tompkins Conservation donations are the largest act of wildlands philanthropy in history
THE MINISTER of public lands was about to arrive, a television crew in tow, so everything had to be just right. It was 8:15 on a summer morning in February, and the office of Tompkins Conservation outside the Chilean hamlet of El Amarillo was hive-busy. The philanthropy’s controller was hunched over a laptop filled with spreadsheets. A supervisor was giving orders to groups of men in blue coveralls. Kristine McDivitt Tompkins, the organization’s president, sat at a conference table toggling between a pair of laptops and her cellphone. Continue reading →
On 15 October, the European Investment Bank meets to decide its policy on fossil fuels. The hand of history is on its shoulder
Millions of people marched against climate crisis over the past two weeks, in some of the largest demonstrations of the millennium. Most people cheered the students who led the rallies – call them the Greta Generation. But now we’ll start to find out if all their earnest protest actually matters.
After completing a historic 500km journey from the Kenyan island of Lamu to the Tanzanian island of Zanzibar, the world’s first ever traditional “dhow” sailing boat made entirely from recycled plastic, known as the Flipflopi, has successfully raised awareness of the need to overcome one of the world’s biggest environmental challenges: plastic pollution.
The Flipflopi Project was co-founded by Kenyan tour operator Ben Morison in 2016, and the ground-breaking dhow was built by master craftsmen Ali Skanda, and a team of volunteers using 10 tonnes of recycled plastic.
The boat gets its name from the 30,000 recycled flip-flops used to decorate its multi-coloured hull. Continue reading →
In my occasional posts about Amazon over the past few years, it is becoming clear to me that I am concerned about the dangers that come from some of the foundational principles of business management, such as excellent customer service, and scale. I have not read his new book yet, but I listen to and read Tim Wu whenever I see an opportunity. His publisher has this to say:
From the man who coined the term “net neutrality,” author of The Master Switch and The Attention Merchants, comes a warning about the dangers of excessive corporate and industrial concentration for our economic and political future.
We live in an age of extreme corporate concentration, in which global industries are controlled by just a few giant firms — big banks, big pharma, and big tech, just to name a few. But concern over what Louis Brandeis called the “curse of bigness” can no longer remain the province of specialist lawyers and economists, for it has spilled over into policy and politics, even threatening democracy itself. History suggests that tolerance of inequality and failing to control excessive corporate power may prompt the rise of populism, nationalism, extremist politicians, and fascist regimes. In short, as Wu warns, we are in grave danger of repeating the signature errors of the twentieth century.
In The Curse of Bigness, Columbia professor Tim Wu tells of how figures like Brandeis and Theodore Roosevelt first confronted the democratic threats posed by the great trusts of the Gilded Age–but the lessons of the Progressive Era were forgotten in the last 40 years. He calls for recovering the lost tenets of the trustbusting age as part of a broader revival of American progressive ideas as we confront the fallout of persistent and extreme economic inequality.
So, I look forward to learning more about it. Today’s episode of The Daily has useful commentary on Amazon-related topics. Thanks to David Leonhardt for bringing Tim Wu’s new book to my attention:
In one industry after another, big companies have become more dominant over the past 15 years, new data show.
The popular telling of the Boston Tea Party gets something wrong. The colonists were not responding to a tax increase. They were responding to the Tea Act of 1773, which granted a tea monopoly in the colonies to the well-connected East India Company. Merchants based in the Americas would be shut out of the market.
Many colonists, already upset about taxation without representation and other indignities, were enraged. In response, dozens of them stormed three ships in Boston Harbor on the night of Dec. 16, 1773, and tossed chests of East India tea — “that worst of plagues, the detested tea,” as one pamphlet put it — into the water.
A major spark for the American Revolution, then, was a protest against monopoly. Continue reading →
Popular fast-casual chains brag of sustainability, as customers toss their compostable and recyclable bowls into the trash with wild abandon.
One word: plastic.CreditPhoto Illustration by Stephanie Gonot for The New York Times
Every weekday, shortly after 11 a.m., a line forms at the Broadway and 38th Street location of Sweetgreen, the eco-conscious salad chain. By noon, the line has usually tripled in size. It often takes more than 15 minutes to get to the front.
The scene is similar at the Chop’t at 41st and Broadway, or the Dig Inn on West 38th, or the Just Salad one block south. In the heart of Midtown Manhattan, the evidence is hard to dismiss: Greens, once so unappetizing that parents all over the country had to beg and bribe their children to eat them, have never been hotter. (Almost as hot: their denser, younger cousin, grains.) Continue reading →