Megafirms like BlackRock now play a huge role in shaping investment decisions, yet they’ve attracted remarkably little scrutiny. Despite claims that “passive investing” empowers small investors, the trend is driving a dangerous concentration of economic power.
Adrienne Buller is a senior research fellow at Common Wealth, leading on the Green New Deal program, and coauthor of Owning the Future: Power and Property in an Age of Crisis (2022).
In the early stages of the COVID-19 pandemic, many hoped it would contain an inadvertent silver lining, in the form of reduced carbon emissions. But the real lesson of the past few months is now clear: we can’t stop global warming without radical systemic change.
The COVID-19 lockdown has resulted in a drastic short-term fall in carbon emissions. Without structural change, however, we’re still on a disastrous trajectory. To avoid calamity, we need to transform our economic system.
Labour’s plan for a Green Industrial Revolution promised to put climate crisis at the heart of Britain’s general election. But the need for radical solutions soon dropped off the agenda — allowing the defining issue of our time to be once again ignored.