(Bloomberg) — Larry Fink said too narrow a focus on the climate policies of public companies risks undermining the green agenda and is potentially creating “the largest capital-market arbitrage in our lifetimes,” as hydrocarbon assets move from public to private hands.

“There’s more movement away from hydrocarbon assets into private hands than anytime, ever,” Fink said. “That does not change the net zero world. That’s window dressing, that’s greenwashing.” 

BlackRock Inc. (NYSE:). On Tuesday, the chief executive officer of BlackRock Inc (NYSE:) spoke on a panel at the Green Horizon Summit. This event was hosted by The City of London along with the Green Finance Institute. It is a finance-focused event that took place on the sidelines of the COP26 conference in Glasgow. 

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Fink advocated for a comprehensive approach in order to hold all businesses to the same standards. He also said any mechanism for carbon pricing must be responsive to higher energy prices to ensure the transition to green energy doesn’t unduly impact the poorest parts of society.

Fink arrived at the event wearing a suit and hiking boots. Mark Carney, COP26 Climate Advisor, would be joining him for the panel. But attendees were told the former Bank of England governor wouldn’t make it because he was being held in the so-called blue zone, which the secret service had locked down as President Joe Biden left. The Lord Mayor of London William Russell stepped in at the last minute to fill Carney’s place.

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