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BlackRock named Aramco CEO Amin Nasser to its board Monday. Nasser leads the world's largest oil producer, which is mainly owned by the Saudi Arabian state. Its decision to name Aramco CEO Amin Nasser to its board Monday provides further ammunition for those critics, signaling that the firm might not be as socially conscious as it says it is. That is the wrong player here, unless [BlackRock CEO] Larry Fink really wants to blur their image on the ESG front," Jeffrey Sonnenfeld, the Yale professor and management expert, said on CNBC Tuesday. Amin H. Nasser, president and chief executive officer of Saudi Arabian Oil Company (Saudi Aramco), speaks at the China Development Forum in Beijing, China, March 19, 2017.
Persons: Amin Nasser, Nasser, Larry Fink's, it's, Larry Fink, Jeffrey Sonnenfeld, Biden, Jamal Khashoggi, He'll, that's, Amin H, Shu Zhang, Reuters Fink, BlackRock's, It's, Fink, he'd Organizations: BlackRock, Aramco, Yale, CNBC, Washington Post, Saudi Arabian Oil Company, China Development Forum, Reuters, McKinsey, Republican Locations: Saudi Arabian, Saudi Arabia, Saudi, Saudi Aramco, Beijing, China, Massachusetts
The multi-trillion dollar fashion industry contributes significant greenhouse gas emissions, between 8% to 10% of total global emissions, according to the United Nations. With the majority of textiles in the fashion industry blended, it is harder to recycle one fiber without harming another. Spinnova partnered with the world's largest pulp and paper company this year, Suzano, to turn wood and waste into recycled textile fiber. Textile waste, by some measures, is a bigger issue than plastics waste, and it has a similar problem. Late last year it worked on a limited collection with fast fashion clothing giant — and consumer consumption flashpoint — Zara, using its recycled textile waste material.
Persons: LEVI, Alexander Donka, Paul Dillinger, Levi Strauss, Spinnova, Chloe Songer, Songer, Victor J, Levi's Levi Strauss, Dillinger, You've, we're, , Stacy Flynn, Flynn, Levi's, Stella McCartney, — Zara Organizations: McKinsey, United Nations, McKinsey Sustainability, Co, Shoppers, Blue, Bloomberg, Getty, Adidas, CNBC Locations: Sweden, Africa, Zara, New York
The 112,000 tons of carbon dioxide that Charm will remove is more than ten times the total quantity of carbon dioxide that has been removed so far with human techniques. "It's sort of a brilliant, but accidental, discovery," Reinhardt told CNBC. "It's a little it's a little odd or unusual, but uniquely American, in that we're basically pumping barbecue sauce into old oil and gas wells," Reinhardt told CNBC. There are about 2 million abandoned oil and gas wells in the U.S., and owner-operators are eager to find another use for them, Reinhardt told CNBC. We will run out of waste biomass long before we before we exhaust the subsurface capacity," Reinhardt told CNBC.
The company says the oil hardens within days and it estimates the carbon dioxide is locked away for 1 million years. That's far more than the 6,055 tons that Charm Industrial has removed to date under pilot programs. Meeting that global climate goal will likely require billions of metric tons of carbon dioxide to be removed from the atmosphere by 2050. Startups like Climeworks are using fans to suck carbon dioxide out of the sky, while others are using enhanced weathering that speeds up the natural ability of minerals to store carbon dioxide. For its part, Charm Industrial buys agricultural waste from farmers and heats it to high temperatures in a contraption called a pyrolyzer.
BlackRock CEO Larry Fink published his widely read annual letter to investors on Wednesday. In a shift, Fink kept his discussion of ESG investing to a minimum after a year of backlash. Fink focused on macroeconomic concerns, notably inflation, and the wider energy transition. It is clear that Fink's stance on ESG investing has not changed. In his letter on Wednesday, Fink talked at length about the transition to a low-carbon economy and BlackRock's role in it.
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