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Amid climate change and harsh weather patterns, BlackRock intends to divert its attention from fossil fuel to eco-friendly alternatives.
Following the news of BlackRock going green, Tesla stocks have been showing positive signs in the market, gaining a new bull run on Wall Street. This comes after a series of record-setting landmarks for the past few days.
At present, the manufacturing company’s market capitalization has almost hit the 100 billion US dollar mark, basking in the limelight of stable stock prices in the US stock market.
But What is the Secret Behind Tesla’s Sudden Upsurge?
According to an interview by reputed news reporters (from Reuters and Bloomberg), BlackRock hinted at its intention to reduce its exposure to thermal coal following growing concerns about climate change. At present, the markets are sending mixed reactions to the news as rival companies and miners contemplate a future without coal.
However, despite the strong remarks, most of BlackRock’s investment accounts are held in dormant index fund accounts that prove the company will still be entangled in the coal business.
Earlier today, Larry Fink, BlackRock CEO, took time off his busy schedule to send strong sentiments on climate change as the world ushers in the new decade. Through a letter to clients and fellow CEOs, Larry, the leader of the world’s significant asset manager, indicated:
“We are at the forefront of reshaping how we conduct finance. It is at this fundamental edge that we have reassessed our role in climate change. The evidence present to us on climate change has motivated us to compel our investors and clients in reassessing core assumptions about modern finance.”
Following the change of weather patterns and climatic conditions, Larry says the mega-company will be making sustainable changes in its construction portfolio and risk management.
“We intend to drop and cut investments that present or promote high sustainability-related risks such as thermal coal mining. We intend to launch and introduce to the market new investment products that will promote fossil fuels that will show our commitment to saving the world.”
BlackRock currently manages about 7 trillion US dollars in client assets with a mouth-watering oversees portfolio mostly invested in fossil fuels.
However, the challenge before BlackRock is that only 1.7 trillion US dollars of the 7 trillion US dollar assets under management are inactive managed accounts. All the rest are in passive or dormant accounts.
According to an executive director of a non-profit organization, Majority Action,
“BlackRock should show its seriousness more than just spewing serious sentiments. BlackRock not only needs to pressure index providers to eradicate the production of coal but should also use their voting power to pressurize players to comply with the Paris agreement.”
Tesla’s stocks have been rising because of the manufacturing company that generally deals with eco-friendly products, giving the world better alternatives.
BlackRock being one of the significant shareholders of Tesla shares, Tesla is sure to benefit from BlackRock’s decision to go eco-friendly.
On a side note, it’s probably Elon Musk’s affection towards eco-friendliness that keeps stopping him from backing cryptocurrencies at full without even caring about the unhackable status of blockchain tech. In May 2021, Musk’s Tesla announced not to accept Bitcoin over the climate concerns, which clearly indicates Musk cares about climate big time.
Tesla Stocks Appear to be a Better Alternative to Fossil Fuels
As an electric car manufacturer, Tesla has been making headlines for the longest time for introducing to the market revolutionary products that are game-changer.
As much as fossil fuel is taunted to be eco-friendly and climate-friendly, Tesla’s innovations beat the clean alternative source of energy, hands down, with the reduced cost of production.
As the future is green and eco-friendly, Tesla appears to be taking long strides to be a global leader in the area, opening branches in major cities of the world.
That explains why Tesla stocks have been making the headlines recently, said Marvin Steinberg, CEO of Steinberg Invest.
Editor’s note: This news article was updated to add notes about Elon Musk’s climate concerns with Bitcoin despite blockchain tech’s stealthy security status.
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