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CATEGORIES: BLOCKCHAIN INVESTMENTS / ENERGY STOCKS
TOPICS: CRYPTOCURRENCY / CLEAN ENERGY


LARRY FINK'S STRATEGIC SHIFT: EMBRACING ENERGY PRAGMATISM OVER ESG

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Chris Curl, Editor
May 2, 2024

In his annual Chairman’s Letter to Investors, BlackRock CEO Larry Fink made a
notable shift in tone by omitting direct references to environmental, social,
and governance (ESG) factors, a significant pivot from previous communications. 

Instead, Fink focused on the concept of "energy pragmatism," advocating for a
balanced approach to energy transition and energy security. This stance comes in
response to conservative criticism and recent financial moves against BlackRock,
such as Florida and Texas withdrawing billions in investments due to the
company's ESG advocacy. 

Despite these setbacks, BlackRock saw its managed assets increase by 16% to $10
trillion in 2023, aided by significant investments into climate funds. 

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Fink's letter hinted at a strategic realignment, emphasizing stakeholder
capitalism and sustainable investing without explicitly using the politicized
term "ESG." He argued for a pragmatic mix of renewable and traditional energy
sources to ensure energy security and meet the growing demands, particularly
referencing Texas’ energy needs. 

This approach seeks to reconcile the pressures of decarbonization with the
practicalities of current energy reliance, potentially easing conservative
concerns while maintaining a commitment to climate investment strategies.

Fink realizes that without abundant, clean, baseload power, none of the goals
envisioned by ESG can be realized, nor can society continue to function.

This change in stance mirrors his about-face on Bitcoin last year. It didn’t
take long for him to change his tune on the digital asset. In less than a year
it went from Bitcoin being  “an index of money laundering” to “digital gold.” 

And mining this “digital gold” requires massive amounts of electricity. So does
artificial intelligence (AI).

Fink knows this, and is positioning Blackrock to profit massively from both. 



In a recent gathering at the World Economic Forum in Riyadh, the conversation
turned towards the burgeoning field of AI and its profound implications on
global energy consumption and infrastructure. Addressing an audience of global
leaders and innovators, Fink underscored the significant energy demands AI
technology necessitates.

According to Fink, the rapid advancement and incorporation of AI technologies
into everyday life and business operations spotlight a critical concern: the
source and sustainability of the power required to fuel this digital evolution. 

“The amount of power that's needed to use AI has a huge impact on society.
Where's that power going to come from? Are we going to take it off the grid?
What does it mean for elevated energy prices?” 

Despite these challenges, Fink and others see a silver lining. The increased
demand for energy and infrastructure to support AI development is heralded as a
significant investment opportunity. Many industry leaders agreed with this
necessity for enhanced infrastructure not just as a challenge but as an
opportunity ripe for exploration and investment.

The dialogue also ventured into the sector of renewable energy, with mentions of
the International Energy Agency's projections that data centers' total
electricity consumption could surpass the 1,000 terawatt hours mark by 2026,
echoing the power demand of countries like Japan. Such projections bring to
light the vital role of regulatory updates and technological refinements in
curbing the energy appetite of data centers and AI technologies at large.

The fact is, none of the advancements envisioned by the proponents of AI are
possible without this cheap abundant power. Where will it come from?

Likely nuclear. It’s the cleanest and most efficient form of baseload power
available and I think it’s why people like Larry Fink are softening their stance
on ESG. They know nuclear energy is essential for the future whether it be AI or
crypto.

Nick Hodge has long-realized this reality and has been positioning his readers
to profit from key uranium plays. In fact, he thinks the current uranium bull
market has a long way to go.  

Check out his newest recommendation here.

Keep coming back,

Chris Curl
Editor, Daily Profit Cycle

Chris Curl is the editor of his premium publication Crypto Cycle. He manages a
$50k real-money portfolio, with the goal of turning it into $1 million over the
next two years (and invites his readers to follow him step-by-step along the
way, so they can build fortunes of their own). Chris also uncovers the
fast-breaking opportunities in crypto, all while avoiding crypto’s pitfalls.

At Digital Dispatch, Chris is working with John Carl to discover what’s ahead
for advanced robotics, digital assets, and supercomputers.

See more about Chris and his latest articles on Daily Profit Cycle here.

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