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green jobs
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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'We Need a Green New Deal': AOC, Markey Re-Up Visionary Climate Resolution
"Across this country, millions of young people still dream of a Green New Deal," said the Sunrise Movement's leader. "Together, we will take over, classroom by classroom, school by school, city by city until we win."
Apr 20, 2023
Backed by climate, health, and labor groups, U.S. Rep. Alexandria Ocasio-Cortez and Sen. Ed Markey on Thursday reintroduced the Green New Deal Resolution, which the progressive leaders have been fighting for since they first unveiled it in February 2019.
"In the four years since we first introduced the Green New Deal, the tides of our movement have risen and lifted climate action to the top of the national agenda," Markey (D-Mass.) said of the resolution, which envisions a 10-year mobilization that employs millions in well-paying union jobs to help the country respond to the climate emergency.
"Thanks to the persistence of the Green New Deal movement, we succeeded in securing historic progress through the Inflation Reduction Act and the Infrastructure Investment and Jobs Act," he noted, "and now we have an obligation to honor the origins of that success—which sprung from the young people and workers who never once stopped organizing for their future—by putting those dollars to work to create dignified jobs, rectify generations of systemic injustice, and reverse climate damage."
Along with reintroducing the resolution—a largely symbolic move given the current makeup of Congress—the pair released a guide for cities, states, tribes, nonprofits, and individuals about how those two laws "help bring the Green New Deal to life."
"Finally, it is understood that the climate crisis demands a full transformation of our economy and society that the government must lead."
While some progressives criticized the Inflation Reduction Act for pouring "gasoline on the flames" of the climate crisis by extending the fossil fuel era, it was still widely heralded for investing a historic $369 billion in "energy security and climate change."
Ocasio-Cortez (D-N.Y.) said Thursday that "when we first introduced the Green New Deal, we were told that our vision for the future was too aspirational. Four years later, we see core tenets of the Green New Deal reflected in the Inflation Reduction Act—the largest ever federal investment in fighting climate change, with a focus on creating good, green jobs."
"But there is still much, much more to do to make environmental justice the center of U.S. climate policy," the congresswoman acknowledged. "Today's reintroduction marks the beginning of that process—of strengthening and broadening our coalition, and of laying the policy groundwork for the next fight."
\u201cWe need a #GreenNewDeal \u2013 for the environment, for education, for housing, and for health care. Our planet and our future depend on it.\n\nProud to stand with @SenMarkey, @RepAOC, and @RepRoKhanna in demanding bold, holistic action that creates jobs and saves lives.\u201d— Rep. Pramila Jayapal (@Rep. Pramila Jayapal) 1682015641
The resolution is co-sponsored by several lawmakers in both chambers of Congress and endorsed by dozens of groups, including the Sunrise Movement, whose executive director, Varshini Prakash, said that Thursday "marks our recommitment to the bold vision of the Green New Deal—the only plan to stop the climate crisis at the speed and scale that science and justice demand."
"Since the Green New Deal was first introduced, we have made climate a rallying cry for our generation and a political priority for our politicians," Prakash continued. "And in just a few years, through our organizing, we have elected new leaders, helped pass the biggest climate bill in U.S. history, and built a new consensus in the Democratic Party—finally, it is understood that the climate crisis demands a full transformation of our economy and society that the government must lead."
“Across this country, millions of young people still dream of a Green New Deal," she added. "So as fossil fuel billionaires and right-wing extremists take on the battle for control of our classrooms and communities, we are fighting back. Together, we will take over, classroom by classroom, school by school, city by city until we win the Green New Deal in every corner of this country."
\u201cWe\u2019re so grateful for this vast coalition of climate, labor, racial justice, & tribal communities who have brought a Green New Deal vision from the political fringes to a near-reality.\n\nAnd we\u2019re not done yet!\n\nCheck out today\u2019s livestream of the GND resolution reintroduction \u2b07\ufe0f\u201d— Green New Deal Network (@Green New Deal Network) 1682012847
Markey declared that "we have demonstrated that our movement is a potent political force, and in the run-up to the 2024 elections, we will direct this power to demanding solutions to the intersectional crises Congress has yet to address: in healthcare, childcare, schools, housing, transit, labor, and economic and racial justice."
Also on Thursday and as part of that pledge, Markey partnered with Rep. Ro Khanna (D-Calif.) to introduce the Green New Deal for Health, a bill "to prepare and empower the healthcare sector to protect the health and well-being of our workers, our communities, and our planet in the face of the climate crisis, and for other purposes."
The senator stressed that "the American healthcare system is broken—from the exorbitant medical bills and outlandish insurance premiums to maxed out emergency rooms and shuttering hospitals. With climate disasters on the rise, the health and safety of frontline environmental justice communities is more precarious than ever."
"We urgently need to invest in a more sustainable system, one that is resilient to the impacts of climate change, supports its workers, and doesn't rely on fossil fuels. We can't have a healthcare system that makes us sicker while healthcare providers work to make us well," added Markey—who, like Khanna, supports Medicare for All.
\u201cThe people came together to build a multi-racial, multi-generational movement for a Green New Deal. \n\nTo the wrongs of environmental racism, to demand clean air & water, union jobs, lower costs, and a livable future.\n\nToday we introduced the #GreenNewDeal for Health!\u201d— Congresswoman Summer Lee (@Congresswoman Summer Lee) 1682019330
The bill would invest $130 billion in community health centers, authorize $100 billion in federal grants for medical facilities to improve climate resilience and disaster mitigation efforts, require hospitals that receive Medicare payments to notify the U.S. Health and Human Services secretary at least 180 days before a full closure, and create a task force to ensure a greener medical supply chain.
"Across the world, hundreds of millions of people are already feeling the effects of climate change and the health consequences that often follow. From increased cases of asthma due to air pollution to disruptions at care facilities after extreme weather events, it's clear we need to take steps now to protect public health," said Khanna.
The healthcare legislation is also backed by progressives from both chambers and various advocacy groups and unions.
"Stopping the climate crisis will require us to transform every aspect of our society, our economy, and especially our healthcare system, to work for people and the planet," said Sunrise's Prakash. "Sen. Markey's Green New Deal for Health finally addresses the staggering, often-overlooked costs to our health from fossil fuel-generated air pollution and climate change, and begins to build a system where people and workers are taken care of. If our generation is going to have a shot at a livable future, we must pass it as we strive towards our vision of a Green New Deal."
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'Only the Beginning': Democrats' IRA Set to Create 100,000+ US Green Jobs
"Thanks to President Biden's affordable clean energy plan, businesses are investing in manufacturing like never before, and planning to create good-paying jobs in every corner of the country," said one climate campaigner.
Feb 06, 2023
A leading climate action group on Monday published a report revealing that the 94 clean energy projects announced since U.S. President Joe Biden signed the Inflation Reduction Act into law last August are set to create more than 100,000 green jobs.
Climate Power—which published the report as part of a new six-figure national ad campaign touting the growing green economy—said that since the IRA became law without any Republican support last year, "companies are racing forward with massive investments to build our clean energy future."
"New manufacturing in wind, solar, batteries, and electric vehicles—along with storage projects across the country—mean new, good-paying jobs for hard-working Americans," the group continued. "In the six months since the landmark climate and clean energy investments became law, clean energy companies have announced more than 100,000 new clean energy jobs for electricians, mechanics, construction workers, technicians, support staff, and many others."
\u201cAmerica knows a thing or two about building something big...\n\nand thanks to @POTUS' clean energy plan, we're doing it again \u26a1\ufe0f\n\nClimate Power is telling that story:\u201d— Climate Power (@Climate Power) 1675706802
"As the largest U.S. investment in clean energy and climate in history, this national clean energy plan will continue to reshape and recharge our economy for many decades to come," Climate Power added.
While green groups have generally praised the IRA's historic $369 billion investment in renewable energy production and innovation, activists have condemned provisions including fossil fuel tax credits and mandatory lease sales on public lands and at sea.
The 94 new clean energy projects in the Climate Power report—which are spread across 31 states and have a combined investment value of $89.5 billion—include:
Forty new battery manufacturing sites in places like Van Buren Township, Michigan; Tucson, Arizona; and Florence County, South Carolina. So far, 22 companies have announced plans for new or expanded electric vehicle manufacturing in Pryor, Oklahoma; Montgomery, Alabama; Highland Park, Michigan—and more. A further 24 companies shared plans to expand wind and solar manufacturing in cities including Pueblo, Colorado; Perrysburg, Ohio; and Georgetown, Texas. The majority of the projects are in seven states—Arizona, Georgia, Michigan, Ohio, South Carolina, Tennessee, and Texas.
"Thanks to President Biden's affordable clean energy plan, businesses are investing in manufacturing like never before, and planning to create good-paying jobs in every corner of the country," Climate Power executive director Lori Lodes said in a statement.
\u201cThat is 100,000 good-paying jobs thanks to Democrats\u2019 Inflation Reduction Act\u2014a bill ZERO Republicans voted for. https://t.co/svZ2UrgbOG\u201d— CAP Action (@CAP Action) 1675699800
"This is only the beginning—we're months after the passage of the Inflation Reduction Act and we're already at the precipice of a renewed manufacturing, made-in-America boom that will create opportunities for millions of Americans, all while reducing toxic emissions that harm the health and wellbeing of our communities," Lodes added.
Last month, the International Energy Agency said in a report that "the world is at the dawn of a new industrial age—the age of clean energy technology manufacturing," and that green manufacturing jobs will more than double by the end of the decade if countries worldwide live up to their climate and energy pledges—a huge "if" given that global emissions remain at record levels.
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