Governments, ‘not BlackRock,’ should lead green economy transition


A sign for BlackRock Inc hangs above their building in New York.

Lucas Jackson | Reuters

Governments should be leading the global economy’s sustainable transformation, not markets, according to author and economist Ann Pettifor.

Pettifor, author of “The Case for the Green New Deal,” told CNBC on Friday that a reliance on financial markets to steer the economy away from fossil fuels was “not tenable.”

She argued that since markets and societies have different interests, government intervention would be necessary to engineer a new Green Deal with state funding. A so-called Green Deal for the global economy would see ambitious — and likely costly — targets set in an effort to move the world…


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