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Major shareholder Blackrock defends Shell following court battle on climate

Court battles involving individual companies such as Shell will not pave the way for sustainable production in time, says multinational asset management firm Blackrock's CEO, Larry Fink. He advises governments to set up a framework that eases the energy transition.

Photo: BRENDAN MCDERMID/REUTERS / X90143

Oil company Shell is now receiving support from its largest shareholder, multinational capital management corporation Blackrock, following a ruling on May 26 by a Dutch court that ordered Shell to lower its carbon emissions by 45 percent by the end of 2030.

According to Blackrock CEO, Larry Fink, court battles are not the way to go for lowering the global level of carbon emissions and warding off the climate crisis. On the contrary, Fink holds that the Shell verdict will not result in a more sustainable world, but perhaps only that Shell will move in a more sustainable direction.

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