Fink: recent global events could 'accelerate' energy transition over the long-term

“Catalyst for innovation”

Disruption to supply chains and the ongoing conflict in Ukraine could mean the global energy transition accelerates over the long term, BlackRock CEO Larry Fink said in an open letter to investors published today, 24 March 2022.

According to Fink, as companies around the world look to reset their supply chains, and western countries phase-out dependence on Russian oil, the price of energy will climb higher, driven by demand. And as the US focuses on increasing its supply of oil and gas, and the consumption of coal starts to accelerate across Europe and Asia, global progress on the path to net zero will inevitably be hindered in the short-term.  But, as with the pandemic, current crises could act as a catalyst for action, Fink said.  "During the pandemic, we saw how a crisis can act as a catalyst for innovatio...