In his 2022 letter to investors, Blackrock chief executive Larry Fink wrote extensively about the transition to net zero, emphasising the risks businesses will face from climate change and the impact of transition policies. This year the tone was more nuanced, recognising that oil and gas would contibue to play a major role and making a distinction between near-term and longer-term factors, the implication being that the the energy transition and impact of climate change fall into the latter category. While he correctly identifies the insurance implications of changing weather patterns, he also mentions wildfires which are more likely a result of less effective land management practices than climate change – activists persuaded policy-makers that controlled burning in the cold season was harmful to the environment leading to major build-ups of undergrowth fuelling uncontrolled fires in the hot season. Arson was also a major factor.