Bretton Woods could use a green transition reboot

 Bretton Woods could use a green transition reboot

Larry Fink, Chief Executive Officer of BlackRock, takes part in the Yahoo Finance All Markets Summit in New York, February 8, 2017. REUTERS/Lucas Jackson

LONDON, July 11 (Reuters Breakingviews) – Venice is a good place to raise the alarm on climate change. Politicians would be hard-pressed to find cities as suitable as “la Serenissima” in which to contemplate streets filled with water. Billionaire BlackRock (BLK.N) boss Larry Fink isn’t an obvious champion of the little guy threatened by rising tides, but his speech as part of the G20 in the Italian city deserves pondering.

Fink brought three key points to the assembled policymakers on Sunday. The first two are already being talked about. If big companies offload their most carbon-intensive activities, that will be good for their personal ESG scores, but not for the planet in general. Private and state-owned companies must also be subject to the same decarbonisation scrutiny.

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