Say It Ain't So, Larry

Two years ago, BlackRock CEO Larry Fink gave hope to the growing number of people who recognize the global #climatedestructioncrisis for what it is: A threat to everyone, everywhere on the one planet we have.

It seemed that even the global elites were beginning to realize that very few will be able to survive rising sea levels by camping in a guest suite on Jeff Bezos's new mega yacht.

Fink?pronounced?back then that his firm?would put sustainability “at the heart of its investment decisions.”?Two months ago, he?walked that back, presumably under pressure from red-state fiscal officials, saying businesses can’t “be the climate police.”

Now one of BlackRock's lobbyists has?been caught?assuring a climate-denying, moron regulator in Texas that BlackRock didn’t mean what Fink originally said.?

So far, this story is bubbling in a few outlets, such as?Gizmodo?and the Guardian. But with a skillful push by any of BlackRock's opponents – directly or through surrogates – this story could be converted into full reputational car wreck for the firm.

In our quarterly Cleantech Editors Roundtables, Heather Clancy of GreenBiz has repeatedly said that big corporate sustainability pledges deserve scrutiny. She's right.

Here's the tragedy: Our current trajectory means that in 10 years, it won't matter which regulator said what to BlackRock, or which state pension fund dropped the firm because it got butt-hurt by truths about highly polluting fossil fuels. Investor returns will suck if for everyone if we don't keep the planet habitable.

In the short term, here's some free PR counsel: If you make a bold pledge to the world, it's not a good look to tuck tail and run the first time some fool pressures you.