Investment fund BlackRock is developing a plan to abandon coal-fired power plants in the world ahead of time. This was reported by the Bloomberg agency with reference to its own sources.
According to the information received, the world's largest investment fund, which currently manages about $8 trillion in assets, together with other financial institutions is developing a strategy for the early abandonment of coal-fired generation.
According to sources familiar with the matter, BlackRock, together with the Asian Development Bank, plans to acquire coal-fired power facilities in developing Asian countries. These power plants will be shut down in the future. According to the financiers' plans, this process should take about 15 years.
These plans were developed in connection with the desire of a group of financial institutions to make a greater contribution to meeting the goals of the Paris Climate Agreement to reduce greenhouse gas emissions.
While it is noted that coal power is the backbone of the energy security of many Asian countries, such as China, India, Vietnam, Indonesia, and the Philippines, it is also one of the largest contributors to global warming.
вЂњFor the plan to be successful, countries will need to commit to not replacing the discontinued use of coal with other fossil fuels. A timeline for asset closures would allow for sufficient planning and help avoid consequences such as the sudden loss of heating access for poor regions,вЂќ said Ahmed Saeed, vice president for East Asia, Southeast Asia, and the Pacific at the Asian Development Bank.
According to a spokesman for investment firm Prudential, the plan being developed will allow developing countries вЂњto make significant progress toward climate goals in the next 10 to 15 years without delaying the hard work until the middle of the century.вЂќ
There is little doubt that BlackRock, which since the beginning of 2021 has direct access to the Federal Reserve's printing press, effectively being in charge of distributing freshly printed dollars, could buy up the entire energy sector of Asian countries without much trouble if it wanted to. The question is how the economy of the region will develop after such a maneuver.
The plans voiced by the financiers, if implemented, will not only endanger the economies of many Asian countries but may also destroy the progress that these states have achieved in recent decades, throwing them back to the pre-industrial level in the development and reducing the standard of living many times over.