Larry Fink, founder and CEO of BlackRock, the world’s largest asset manager, and Carlos Torres Vila, chair of BBVA, a Spanish multinational financial services company based in Madrid, met at the bank’s second sustainability forum this week in Madrid to discuss energy-transition goals and the fight against climate change.
Fink and Torres Vila agreed on the need to invest in new technologies that will make the transition toward a decarbonized economy as fair and equitable as possible, with realistic short-term goals and without leaving emerging countries behind.
Torres Vila believes decarbonization is one of the most significant strategic issues for any business in the long term. In the short term, Fink believes it is necessary to adopt some forms of fossil fuels such as gas, with lower emissions. Although fossil fuels continue to be cheaper than cleaner alternatives, Fink advocates for developing new technologies to make energy with lower emissions more competitive