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BlackRock, Brookfield Pipeline Bids Underscore an ESG Dilemma

  • Firms seek to balance climate goals with investor obligations
  • Fink says world needs coherent plan for transition to net-zero
Larry Fink

Larry Fink

Photographer: Justin Chin/Bloomberg

Larry Fink is among Wall Street’s most outspoken leaders when it comes to climate change. He also just placed a bid on a major fossil-fuel asset.

BlackRock Inc., which he built into the world’s largest money manager, was among finalists to acquire a stake in Saudi Aramco’s natural-gas pipeline network -- a deal that on its face raises questions about Fink’s ambitions to de-carbonize the planet.