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Why Save for Retirement If You'll Be Living in a Climate Hellscape?
Only by making investments in climate resilience and clean energy can asset managers like BlackRock truly protect the retirement savings of everyday Americans.
Jun 03, 2025
Every spring, Larry Fink, CEO of the world's largest asset manager BlackRock, publishes his annual letter to investors, often heralded as an indicator of where the financial industry is headed. This year, Fink focused on the need to "democratize" investing by giving regular people more access to invest in private markets, meaning businesses outside of stock exchanges.
Fink argued this move would not only help more people save more money for retirement, but that these investments are necessary to help meet the growing need for financing for the infrastructure and energy needs of the future. Unfortunately, his take on the energy needs of the future is concerning, emphasizing fossil fuel pipelines and infrastructure and AI data centers, while casting doubt on renewables.
Democratizing investing is a noble goal, but Fink's annual letter misses a key point: A secure retirement isn't just about the money you save, it's about retiring into a world you want to live in, with healthy communities and a livable climate. By failing to encourage investments that help facilitate the transition to a clean energy economy and create green jobs, BlackRock's efforts will undermine the long-term success of our financial markets and threaten the ability of everyday Americans to retire with dignity. If asset managers like BlackRock truly want to help people retire, they must uplift investments that increase returns for individuals AND help build a future where everyone thrives.
America's Investment Landscape
In pushing forward BlackRock's agenda on private markets, Fink's annual letter conveniently ignores two critical realities.
The first is the growing problem of economic inequality in the United States. The difficulty so many Americans face in reaching their saving and investing goals has less to do with limited access to private markets, and more to do with our egregious income divide. Right now, the top 1% holds nearly as much wealth as the bottom 90%. Helping more people be financially secure in retirement begins with investing in our communities and climate solutions to help create green jobs so that more people have the resources they need to save.
The second is the growing need for financing for, and opportunities to invest in, climate resilience and the clean energy transition. This includes everything from renewable energy infrastructure to disaster-proof buildings and climate-resilient farming.
True retirement security comes not only from individual savings, but from living in a world where our investments foster a safe and thriving future for all.
Estimates show global investments in clean energy must reach $4 trillion annually by 2030 to hit global climate goals. Although this goal may seem huge, reaching it is necessary to prevent much larger losses to our economy. By 2050, without further action, climate damages could permanently shrink economic output by 20%, cost $38 trillion annually, and slash global stocks by 50%. This translates to trillions of dollars lost annually due to extreme weather, damaged infrastructure, and lower productivity. Alongside these widespread economic losses, retirement savings would take a major hit. In other words, failing to invest in the transition to a clean energy economy will make our communities—and our savings—much worse off.
Instead of focusing his annual letter on private markets, Fink should have focused on the investments necessary to support the long-term financial security and peace of mind for the millions of people he claims he wants to help save for retirement. Only by making investments in climate resilience and clean energy can asset managers like BlackRock truly protect the retirement savings of everyday Americans.
Financial Security Goes Beyond the Numbers
Retiring with dignity is not merely about having the financial security to live comfortably. It's also about the broader environment in which people live and age, which is something Fink apparently forgets. It's not only about having investment portfolios that can weather climate-related risks, but about having thriving communities and flourishing economies to retire in: cities with liveable temperatures, modern buildings, and plentiful clean energy, and people with access to good jobs, quality education, and affordable housing.
Financial security isn't just about having a diversified portfolio and a comfortable nest egg—it's intricately linked to the health of the environment. Ignoring climate risks jeopardizes the well-being of future retirees and the communities they call home. True retirement security comes not only from individual savings, but from living in a world where our investments foster a safe and thriving future for all.
To truly democratize investing, asset managers like BlackRock must direct their investment strategies to support climate resilience and the clean energy transition and provide prosperity for all Americans, within individual portfolios and beyond.
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Trump Orders US Military to Plan Invasion of Panama to Seize Canal: Report
U.S. officials familiar with the planning said options for "reclaiming" the vital waterway include close cooperation with Panama's military and, absent that, possible war.
Mar 13, 2025
President Donald Trump has directed the Pentagon to prepare plans for carrying out his threat to "take back" the Panama Canal, including by military force if needed, two U.S. officials familiar with the situation told NBC News Thursday.
According to the outlet, the officials said that U.S. Southern Command (SOUTHCOM) is drawing up potential plans that run the gamut from working more closely with Panama's military to a less likely scenario in which U.S. troops invade the country and take the canal by force. They also said that SOUTHCOM commander Adm. Alvin Holsey has presented draft strategies to be reviewed by U.S. Defense Secretary Pete Hegseth, who is scheduled to visit Panama next month.
The officials explained that the likelihood of a U.S invasion depended on the level of cooperation shown by the Panamanian military.
Trump has repeatedly refused to rule out use of military force to seize control of the vital U.S.-built waterway, as well as Greenland, an autonomous territory of NATO ally Denmark.
Last week during his joint address to Congress, Trump proclaimed that "to further enhance our national security, my administration will be reclaiming the Panama Canal," but his administration has not clarified precisely what "reclaiming" entails.
The Republican president says the U.S. needs to retake control of the Panama Canal to enhance "economic security," and has falsely claimed that the waterway is "operated by China."
Earlier this month, the New York-based investment firm BlackRock led a group of investors in a $23 billion deal to purchase ports at both ends of the Panama Canal from a Hong Kong-based conglomerate, an agreement Trump dubiously seized upon as proof that "we've already started" reclaiming the conduit.
Panamanian President José Raúl Molina countered that "the Panama Canal is not in the process of being reclaimed... The canal is Panamanian and will continue to be Panamanian!"
The U.S. controlled what was formerly called the Panama Canal Zone from the time of the waterway's construction in the early 20th century—largely done by Afro-Caribbean workers, thousands of whom died in what's widely known as the world's deadliest construction project—until then-President Jimmy Carter transferred sovereignty to Panama in the late 1970s. Under the Torrijos-Carter treaties, the U.S. reserves the right to use military force to defend the canal's neutrality.
The United States has repeatedly used deadly military force in Panama over the decades, including during a 1964 student-led uprising against American control in which 22 Panamanians and four U.S. soldiers were killed, and in a full-scale invasion in 1989 ordered by then-President George H.W. Bush to capture erstwhile ally and CIA asset turned narcotrafficking dictator Manuel Noriega. The U.S. invaders killed hundreds of Panamanians, including many civilians.
Writing for Americas Quarterly this week, Panamanian jurist Alonso E. Illueca argued that Panama's efforts to appease Trump aren't working. These include the BlackRock deal and other moves like quitting China's "Belt and Road" initiative, taking in third-country migrants deported by the U.S., backing a U.S. resolution on Ukraine at the United Nations Security Council, auditing the country's ports, and revisiting a railway project originally developed by the Chinese government.
"Panama should abandon its accommodating policy towards the U.S., which can only lead to escalating demands to banish Chinese influence, to the detriment of Panama's national sovereignty," Illueca asserted.
"An alternative policy for Panama is to align with the rules based international order," he continued. "This includes establishing synergies with like-minded states which have been also affected by U.S. actions such as Canada, Mexico, Greenland, and Denmark. The country should seek to transcend the U.S.-China binary and find alternatives for alliances, which should include partners like the European Union."
"In short," Illueca added, "the way forward for Panama lies in replacing strategic dissonance with strategic clarity."
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21 Private Equity Firms Fund Over a Gigaton of Annual Climate Pollution
"Private equity firms and their executives are making billions by investing public employees' retirement money into planet-destroying fossil fuel assets," said one researcher.
Oct 01, 2024
The energy portfolios of over 20 top U.S. private equity firms are responsible for an estimated combined 1.17 gigatons of annual greenhouse gas emissions—more than three times as much as from the energy used to power every home in the United States, according to a report published Tuesday.
The report, titled Private Equity Risks Scorecard 2024, was published by Researchers for the Americans for Financial Reform Education Fund, Global Energy Monitor, and the Private Equity Stakeholder Project. The scorecard examines the energy portfolios of 21 leading U.S. private equity firms, which manage a combined total of over $6 trillion worth of companies.
"At the end of the day, the price we pay for private equity's greed is our health and livelihoods, for ourselves and generations to come."
"Private equity firms and their executives are making billions by investing public employees' retirement money into planet-destroying fossil fuel assets," Amanda Mendoza, senior climate research and campaign coordinator of the Private Equity Stakeholder Project, said in a statement.
"These billion-dollar companies make their profits while largely avoiding liability for the damages their fossil fuel investing causes frontline communities," Mendoza added. "At the end of the day, the price we pay for private equity's greed is our health and livelihoods, for ourselves and generations to come."
According to the report, the five biggest investors in annual climate polluters are EIG Global Energy Partners, the Carlyle Group/NGP Energy Capital, Brookfield/Oakfield Capital Management, Quantum Capital Group, and BlackRock Private Equity Partners. These five firms each funded at least 100 million metric tons of CO2 equivalent (CO2e) annually.
Some of these companies, most notably BlackRock, rank among the
world's biggest investors in fossil fuels.
"Private equity continues to transform the financial markets and the daily lives of communities around the globe," the report states. "With over a trillion dollars in energy investments generating high greenhouse gas emissions and minimal public visibility, private equity firms play an outsized role in accelerating the climate crisis."
"The private equity energy portfolios covered in this report are responsible for an estimated combined total of 1.17 gigatons of annual emissions," the publication continues. "This figure equals 1.17 billion metric tons CO2 equivalent (CO2e) and is limited to the three categories covered in the scope of this research: upstream, liquefied natural gas terminals, and coal plants, and do not represent the firms' entire emissions footprint from energy investments."
"In the U.S. alone, there were 28 weather and climate disasters in 2023, resulting in at least $92.9 billion in disaster damages, according to the National Centers for Environmental Information," the report notes. "The need for transparency, accountability, and a just transition to a clean energy economy has never been more urgent."
The scorecard's authors and 22 supporting organizations—including Food & Water Watch, Friends of the Earth U.S., Greenpeace USA, LittleSis, Public Citizen, Rainforest Action Network, and Sierra Club—urge sources of capital, such as public pension funds and institutional investors, to commit to a series of climate-friendly policies and practices.
These include:
- Aligning with science-based climate targets to limit global warming to 1.5°C;
- Disclosing fossil fuel exposure, emissions, and impacts;
- Reporting a portfolio-wide energy transition plan;
- Integrating climate and environmental justice; and
- Providing transparency on political spending and climate lobbying.
"While companies like banks and oil majors face pressure over their climate risks and fossil fuel emissions, private equity firms continue to dodge the spotlight, pouring billions into fossil fuels and pushing us further from a sustainable future," said Global Emergy Monitor's Alex Hurley.
"These firms may operate in the shadows, but the public has a right to know how private equity's debt-fueled extraction of both resources and wealth threatens our climate, communities, and financial stability," Hurley added. "We call on private equity firms to adopt climate standards... and retire any fossil fuel assets in their portfolios in short order."
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