.BlackRock CEO Larry Fink said the war in Ukraine is heralding the end to three decades of increasing globalization.
In his annual letter to shareholders, Fink, who leads the world’s largest asset manager, highlighted just how profound the Russian invasion of Ukraine is in a historic context. He explained how both governments and private companies have left Vladimir Putin’s Russia isolated on the global stage.
“But the Russian invasion of Ukraine has put an end to the globalization we have experienced over the last three decades,” Fink told shareholders. “Wages have not kept pace, and consumers are feeling the burden as they are confronted by lower real wages, rising energy bills and higher costs at the grocery store checkout,” he told shareholders. “This is especially true for lower-wage workers who spend a higher proportion of their wages on essentials like gas, electricity, and food.”
“Germany, for example, plans to accelerate its use of renewable energy and reach 100% clean power by 2035, 15 years ahead of its previous pre-war target,” Fink wrote. “More than ever, countries that don’t have their own energy sources will need to fund and develop them — which for many will mean investing in wind and solar power.”
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