A Major Backer Of Green Energy Admits Again That Solar And Wind Power Alone ‘Can’t Reliably Keep The Lights On’
BlackRock CEO Larry Fink, historically a supporter of green energy initiatives, acknowledged that wind and solar alone “can’t reliably keep the lights on” without “major breakthroughs in storage” and wrote that it’s…
BlackRock CEO Larry Fink, historically a supporter of green Energy initiatives, acknowledged that wind and solar alone “can’t reliably keep the lights on” without “major breakthroughs in storage” and wrote that it’s necessary to be “clear-eyed about our Energy mix” in his annual chairman’s letter to investors on Monday.
Fink supported the transition to green Energy in the past and heads BlackRock, the world’s largest asset management company, which has pushed for Environmental, Social and Corporate Governance (ESG). Fink said in 2023 that he would no longer use the term ESG due to its political connotation, though he’s “not ashamed” of the term and believes in “conscious capitalism.” Fink praised nuclear power and raised doubts Monday regarding the reliability of solar and wind Energy alone due to storage issues in his annual chairman’s letter.