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Home»Business»BlackRock To Make Massive Infrastructure Move To ‘Decarbonize The World’ And Reap Government Subsidies
Business

BlackRock To Make Massive Infrastructure Move To ‘Decarbonize The World’ And Reap Government Subsidies

January 12, 2024No Comments3 Mins Read
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COP28 UNFCCC Climate Conference: Day Five
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BlackRock on Friday reached an agreement to acquire Global Infrastructure Partners for $12.5 billion, a move aimed at advancing the investment giant’s climate objectives and capitalizing on government subsidies, according to statements and reports.

BlackRock is the world’s largest asset manager and is a proponent of environmental, social and corporate governance (ESG) investing. Both companies share a commitment to decarbonization and BlackRock sees the deal’s timing as opportune, as governments have offered businesses rare financial incentives to build infrastructure, including for green energy projects, according to a press release. (RELATED: Meet The Investors And Activists Fighting To ‘Depoliticize’ America’s ‘Radically Left-Wing’ Corporations)

Our Chairman & CEO Larry Fink shares his thoughts on our agreement to acquire Global Infrastructure Partners (GIP), creating a world leading infrastructure private markets investment platform. More here: https://t.co/ruQVkag0GU pic.twitter.com/MdZDtAwgd8

— BlackRock (@BlackRock) January 12, 2024

“We believe the next 10 years is going to be a lot about infrastructure,” BlackRock CEO Larry Fink stated during a Friday morning earnings call, according to Yahoo Finance. “If we are going to decarbonize the world… capital and infrastructure is going to be very necessary.”

Rising government deficits are creating a greater demand for private funding in large infrastructure initiatives and subsidies play a role in making these investments more appealing, BlackRock Chief Financial Officer Martin Small stated, according to The Wall Street Journal.

Investment funds prioritizing sustainability goals lost $2.7 billion in the third quarter of 2023 and closed faster than they opened during the same period, according to Morningstar. Fink said in June that he will not use the term “ESG” anymore, citing the term’s political connotation, according to Axios.

See also  Miami Dolphins QB Tua Tagovailoa Says 'This World Needs Prayer' as Attacks on Israel Continue

Fink did not mention ESG during the nearly 90-minute earnings call, according to Yahoo Finance. The deal will likely close in the third quarter of 2024, according to the press release.

“Infrastructure is one of the most exciting long-term investment opportunities, as a number of structural shifts re-shape the global economy,” Fink stated. “We believe the expansion of both physical and digital infrastructure will continue to accelerate, as governments prioritize self-sufficiency and security through increased domestic industrial capacity, energy independence, and onshoring or near-shoring of critical sectors. Policymakers are only just beginning to implement once-in-a-generation financial incentives for new infrastructure technologies and projects.”

BlackRock and Global Infrastructure Partners did not immediately respond to the Daily Caller News Foundation’s request for comment.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

BlackRock Decarbonize government Infrastructure Massive move Reap Subsidies World
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