Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. That's a lot of capital. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. MARK WIEDMAN: Jim, let's talk a bit about you. And direct firing natural gas is a good way to do it. JIM FITTERLING: Over time, we made the switch from coal to natural gas back in the '80s. The information and services provided on this Website are provided "AS IS" and without warranties of any kind, either expressed or implied. And something of that scale would be just the right size for a medium-sized manufacturing facility that I might have. BlackRock shall be free to use, for any purpose, any ideas, concepts, know-how, or techniques provided by a website user to BlackRock through this Website. The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, BlackRock). A market-leading analytics platform provides an edge with exceptional visibility across asset classes, and deep views across companies, industries and macro trends. MARK WIEDMAN: You mentioned there were two things. And we take natural gas liquids like ethane and propane. This material is provided by BlackRock and is intended solely for informational or educational purposes.

So being able to make everything that we make fully recyclable. We are built to share our advantages with clients and steadfast in our commitment to provide efficient exposure to Private Equity in formats tailored to their needs. Plastics today have a CO2 footprint that is four to five times lower than any of their substitute materials. So for many years, one of the most efficient ways to generate that power and steam has been combined cycle gas turbines. It's one of the reasons they've grown the fastest of any material class out there is because they're lighter cleaner, faster, and stronger than the next available material. IF YOU DO NOT AGREE TO ALL OF THESE TERMS OF THIS AGREEMENT, YOU ARE NOT AN AUTHORIZED USER OF THESE SERVICES AND YOU SHOULD NOT USE THIS WEBSITE. With the exception of BlackRock Index Services, LLC, who is an affiliate, BlackRock Investments, LLC is not affiliated with the companies listed above. It does not mean that the scheme is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors. Such content is solely for your personal, non-commercial use. At any time the share or unit price may be at a discount or premium to the asset value. And by going through that autothermal reformer, then I can more cost effectively scrub the CO2 out of the emissions and then sequester that. And if you'll remember at the time, there was a big pressure on NOx and SOx, nitrous oxide and sulfur oxide. JIM FITTERLING: Focus on the CO2 emissions reduction. Two reasons. IT IS YOUR RESPONSIBILITY TO BE AWARE OF, TO OBTAIN ALL RELEVANT REGULATORY APPROVALS, LICENCES, VERIFICATIONS AND/OR REGISTRATIONS UNDER, AND TO OBSERVE ALL APPLICABLE LAWS AND REGULATIONS OF ANY RELEVANT JURISDICTION IN CONNECTION WITH YOUR ENTRANCE TO THIS WEBSITE. On the other hand, there's a big growing concern around the oil and gas industry today. Managing Director and Global Head of BlackRock Long Term Private Capital (LTPC), Andr Bourbonnais, Managing Director and Global Head of BlackRock LTPC oversees direct Private Equity investments. All other trademarks are those of their respective owners. If you're looking for better rates of return on deposits than youd get in an ordinary bank account, cash funds may be an option to consider. Robust portfolio planning enables diversification across managers, vintages, strategies/stages, geographies, sectors and sizes. We take a systematic approach, with long-term pipeline visibility based on comprehensive market coverage. Our sourcing machine, comprised of networks in public and private markets and a brand that has enabled proprietary access, is core to our ability to generate alpha. Equities are typically more appropriate for long-term investing for those who can ride out the highs and lows of the market in search of higher rewards. In our 2022 Midyear Global Outlook, we discuss the end of The Great Moderation a period of stable growth and inflation and highlight the investment themes we are focused on for the second half of the year. iShares and BlackRock are registered trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. And then if you're in the area of mobility, transformation, or other alternative energy and mobility, a lot of content in electric vehicles, autonomous vehicles, and in any vehicle, including internal combustion engine to make them lightweight and to make them quieter. BlackRock makes no representations that the contents are appropriate for use in all locations, or that the transactions, securities, products, instruments, or services discussed on this site are available or appropriate for sale or use in all jurisdictions or countries, or by all investors or counterparties. You shall not display hyperlinks on your websites to any website owned or operated by BlackRock. And then critically, why? My view is in the near term, the demand for these products is going to exceed the supply. These would be done on a smaller scale, maybe 60 megawatts to 200 megawatts. One is the consumer demand.

Today, on a food package, you're more likely to see a recycle label. So now it's less about the manufacturing. Neither the information, nor any opinion, contained on this Website constitutes a promotion, recommendation, solicitation or offer by BlackRock or its affiliates to buy or sell any securities, collective investment schemes, futures, options or other financial instruments or services, nor shall any such security, collective investment scheme, futures, options or other financial instruments or services be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction. And that's where a market price on carbon and some subsidy or some tax break for innovative technology investments is going to have to help. All trademarks, service marks, trade names, and logos displayed on this Website are proprietary to BlackRock and/or their respective owners. An autothermal reformer basically converts methane and hydrogen into pure hydrogen. If you stay ahead of that curve, you can actually claim those credits and sell into the system. And that's really about design. In Singapore, this information is issued by BlackRock (Singapore) Limited (company registration number: 200010143N). Wind and solar can provide an increment for us, but they can't provide that baseload. Why is the intersection of #infrastructure and #sustainability critical to the energy transition? The factors that drive returns in public equity markets have little or no impact in private equity, enhancing private equitys diversification potential. Generally,investing in private equity involves three phases: As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. , : site . Now, when we make ethylene out of ethane, we make two by-products. It's that much material that we don't have to go take from virgin fossil fuel feedstocks. Neither FTSE nor NAREIT makes any warranty regarding the FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index, FTSE EPRA/NAREIT Developed Europe Index or FTSE EPRA/NAREIT Global REIT Index; all rights vest in FTSE, NAREIT and EPRA.FTSE is a trademark of London Stock Exchange Group companies and is used by FTSE under license. To view this video please enable JavaScript, and consider upgrading to a Decisions based on information contained on this Website are the sole responsibility of the visitor. what does carbon, the climate, global warming-- what is any of that have to do with Dow? Private Equity investments typically aim to create value in private businesses by financing growth, operational improvements or other changes. Don't try to determine what the future energy mix is going to look like. We were founded in Midland, Michigan, which is where I am today. Because if you don't and you don't keep up with that pace of change, you have to pay into the system. 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Your use of the trademarks displayed on this Website, except as provided herein, is strictly prohibited. That kind of a market price on carbon incentivizes me to invest capital faster to decarbonize because as I do that, I avoid large payments in the future. It really drives you to the lowest, both capital cost and operating cost solution, because these markets are price-sensitive. This Websiteis managed by various companies within the BlackRock Group. Tell us about Dow. MARK WIEDMAN: You've talked about the circular economy and the recycling of the plastics that you make. And what they're worried about if you do nothing is what's the tail risk on your business? Managing Director and Global Head of BlackRock Private Equity Partners (PEP). Requests to display hyperlinks on your websites to BlackRock websites should be e-mailed toclientservice.asiapac@blackrock.com. We did some looks early days at hydrogen fuel cells for big industrial installations with GM. We'll make more progress in the next 10 years with those two technologies than just about anything else I can think of. The material contained in this Website has not been reviewed by the SFC or any regulatory authority in Hong Kong. This material and the information provided herein must not be relied upon as a forecast, research, investment or financial product advice and is not intended to be (in any manner) a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. At the time, Dow was retiring the last of it's coal-fired power plants and moving over to natural gas. Accordingly, you may not copy, distribute, modify, post, frame or deep link this Website, including any text, graphics, video, audio, software code, user interface design or logos. That would be making sure that we're investing in technologies that are low cost, technologies that have a return on capital that meets their expectations and our expectations. 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MARK WIEDMAN: Jim, my last question-- what do you think is the single most important thing that needs to happen to get the world to net zero? I think you'll see that this package used this much CO2 to make this package that the product is in. The opinions expressed are as of November 2020 and are subject to change without notice. The United States doesn't yet have one, but I think it's something that we need to see here to really incentivize the market and bring the capital markets into investments for decarbonization to really accelerate that. JIM FITTERLING: The carbon economy has impacted Dow in a number of ways, I think, as a growth opportunity . In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data. Natural gas would be the next most efficient.

On this episode of our The real leaders of net zero' miniseries, Dow CEO Jim Fitterling talks with BlackRocks Mark Wiedman about how Dow is decarbonizing its production processes and why the circular economy can help rid our planet of plastic waste. They want to incorporate our benefit and our footprint into their product claims. The information provided here is not intended to constitute financial, tax, legal or accounting advice. It didn't prove out to be the most effective technology, but sometimes, those ideas are 20 years ahead of their time. If it's basic needs, they're trying to get themselves into middle class. Since 1999, we've been a leading provider of financial technology, and our clients turn to us for the solutions they need when planning for their most important goals. this material is intended for public distribution. Another big area would be insulation for homes and buildings to create more energy-efficient buildings and reduce carbon emissions, products that we make like films to cover solar panels that allow the solar panels to last longer. BLACKROCK is a trademark of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. The ability to have more energy efficiency to move to alternatives, et cetera creates market growth for us. BLACKROCK RESERVES THE RIGHT TO CHANGE, MODIFY, ADD OR REMOVE PORTIONS OF THESE TERMS AT ANY TIME FOR ANY REASON. They often invest in very short-term bonds known as money market instruments, which are essentially banks lending money to each other. Having invested across multiple cycles, they are well equipped to help clients build resilient-Private Equity portfolios. Investors buy shares in private equity funds on the secondary market to access more mature assets, diversify their portfolios and capitalize on market dislocations. JIM FITTERLING: In October, we had a big investor day at New York Stock Exchange, and we unveiled the game plan to get to zero scope 1 and 2 emissions by 2050. BlackRock makes no warranty to you regarding the security of the Website, including with regard to the ability of any unauthorized persons to access information received or transmitted by you through or from the Website. The opinions expressed are as of March 2019 and may change as subsequent conditions vary. And for some period of time, there's probably going to be a premium that can be obtained through the sale of these products. If you desire to display on your website a hyperlink to a BlackRock website, you must enter into a written agreement with BlackRock governing such display. We don't have to go determine that the answer is no more fossil fuels. Our platform takes a holistic approach to investors Private Equity portfolios and is designed to offer strategies and solutions that align with client objectives and deliver persistent outperformance. These are cuts off of natural gas. More than half of co-investment capital has gone into pre-bid transactions, enabling us to do deeper due diligence, have stronger influence on results and obtain scalable allocations. It'll be done in a couple of years. Even though we're moving away from coal to natural gas, the world still uses more coal every year because many developing countries need coal to be able to electrify their country. A multi-asset strategy combines different types of assets stocks, bonds, real estate, or cash for example to create a more nimble and broadly diversified portfolio. BlackRock has no control over any such other websites, the contents therein or the products/services offered. We're starting to see brand owners today demand more postconsumer recycled material in their products. A difference of $100 or $200 a ton can mean you're out of a market. We get good steam output. You acknowledge and agree that BlackRock has granted you limited access to the specific files pertaining to the Funds ("Approved Files"), and you agree not to attempt to access computer files other than the Approved Files. All persons and entities accessing the Website do so on their own initiative and are responsible for compliance with applicable local laws and regulations. You had it in two parts. And the ones that aren't the winners, they will sort that out pretty quickly as well. When you invest in stocks (also called equities), you buy a share in a company and become a shareholder. Because that's what's going to bring literally trillions of available liquidity that's in the marketplace today to drive innovation and investment. If you do nothing in the near term, what's the bill going to be for you in the long term? The preceding Terms of use represent the entire agreement between BlackRock and the user relating to the subject matter herein. And as this year progresses, every time we update investors, we're going to give them in more detail behind what's in that. We're going to talk about recycling, cracking, nuclear, carbon pricing, and plastics, both how they're made and how they're used and reused. This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. This world has never used less of any energy source that it produces. Talk about how that is part of your strategy. BlackRock may terminate your access to the Website for any reason, without prior notice. International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. None of these companies make any representation regarding the advisability of investing in the Funds. Any projections or examples (including calculations used therein) are for illustrative purposes only and are not guaranteed to be accurate or complete. Electrification is one of the things that has to happen. Some of them are already here today and can be done in a scalable fashion like blue hydrogen and carbon capture. You've probably seen their logos on the products you use every day, which you probably don't know is that they're a leader in decarbonizing the economy and their products and how they actually make them. So in every facility, as they reach end of life. In the United States and Europe, you have pretty effective waste management systems, whether it's managed landfills here, or in Europe, a combination of both landfills as well as waste to energy and recycling drives. What do you say to them? The opinions expressed are as of Feb 8, 2021 and are subject to change without notice. MARK WIEDMAN: Jim Fitterling, CEO and chairman of Dow, thank you very much. And our commitment is to try to get a million tons a year diverted from landfills or dumps and going back into the marketplace. You may not distribute, modify, transmit, reuse, repost, or use the content of this Website for public or commercial purposes, including all text, images, audio, and video, without BlackRock's written permission. 2020 BlackRock, Inc. All rights reserved. We use that methane to fire a furnace in a hydrocarbons facility to basically take that ethane and propane and crack it and make ethylene and propylene. And if we can take plastics to a zero carbon footprint, nothing's going to come close to it. And the markets have proven time and time again that they're the best allocators of that capital. BLACKROCK is a registered trademark of BlackRock, Inc. All other trademarks are those of their respective owners. These risks often are heightened for investments in emerging/ developing markets or in concentrations of single countries. And one of the most effective ways to do that is to be able to create a market for that waste material. The use of the images displayed on this Website by you, or anyone else authorized by you, is prohibited. Fund managers will balance asset classes to achieve particular investment objectives. And that's why policy is so important to get that right because with the right policy, with a market based price on carbon, with some R&D incentives around new technology to scrub out the CO2, with some infrastructure investment through deals like the Infrastructure Bill that was passed here, we can develop carbon capture hubs and hydrogen hubs. Past performance is no guarantee of future results. Neither FTSE nor NAREIT makes any warranty regarding the FTSE NAREIT Equity REITS Index, FTSE NAREIT All Residential Capped Index or FTSE NAREIT All Mortgage Capped Index; all rights vest in NAREIT. And so you've seen a lot of evidence that waste goes out into the environment. BlackRock is not liable for any damages, changes, or omissions that occur during transmission of information and materials. You've worked in the chemical sector for your whole career. Can you give us some examples of how you're decarbonizing how you make stuff? And as Europe ratchets down the allowances, that price on carbon is going to move between $100 and $200 a ton. The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Barclays, Bloomberg Finance L.P., BlackRock Index Services, LLC, Cohen & Steers Capital Management, Inc., European Public Real Estate Association (EPRA ), FTSE International Limited (FTSE), ICE Data Services, LLC, India Index Services & Products Limited, JPMorgan Chase & Co., Japan Exchange Group, MSCI Inc., Markit Indices Limited, Morningstar, Inc., The NASDAQ OMX Group, Inc., National Association of Real Estate Investment Trusts (NAREIT), New York Stock Exchange, Inc., Russell or S&P Dow Jones Indices LLC. So we can take that plastic back and convert it either through a mechanical or advanced recycling back into a useful product. Trademarks, Copyrights and other Intellectual Property. We need to make sure that the waste is managed properly. In financial terms, private equity generally refers to equity-related finance designed to bring about positive change in a company, such as: Because private equity returns are achieved through operational improvements and financial restructuring, the experience and leadership ability of the private equity manager are paramount. As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. If you download any information from this Website, you agree that you will not copy it or remove or obscure any copyright or other notices or legends contained in any such information. BlackRock expressly disclaims all liability for errors and omissions in the materials on this Website and for the use or interpretation by others of information contained on the Website. And also, get CO2 reductions that will help us stay ahead of that curve. How has decarbonization started to come into that sector as part of your life in your career? For more information on the Investment Advisory Services offered by BlackRock Mexico please refer to the Investment Services Guide available at www.blackrock.com/mx. To reach a different BlackRock site directly, please update your user type. And they will. How much is a tail risk on your business if you wait for everything to be put into place? So those are the kind of technologies that we're into and the kind of end markets that we're into. Typically, when interest rates rise, there is a corresponding decline in bond values. And with about 70% of our materials going to consumer brand owners, that's where the pool is coming from to be able to make those claims because that's what the consumers are telling them that they want. That's significant. And we're going to see that in more places. So hydrogen and carbon capture and sequestration are the two things that will drive the investment and really drive the acceleration of CO2 reduction in our scope 1 and 2. 2022 BlackRock, Inc. All rights reserved. Investing involves risk, including possible loss of principal. We get good electricity output. Leave the BlackRock site for Individuals to explore other content, Welcome to the BlackRock site for individuals. The pandemic has accelerated the importance of these themes, raising new questions for how companies should evolve as the world around us changes. We're going to do another 15% by 2030, so we will have reduced absolute emissions by 30% by 2030 and then the balance by 2050. This is why I think the market-based price on carbon is absolutely necessary. On how we make stuff, you think about the most basic thing we do every day is make ethylene and propylene. Modification or use of the materials for any other purpose violates BlackRock's intellectual property rights. The other area is power and steam for utilities. Combined with active ownership, longer time horizons and financial leverage, those changes may produce higher returns than are common in public equity. Welcome to the BlackRock site for Hong Kong: Before you proceed, please take a moment to review and accept the following Terms and Conditions. And so the demand for the end products that we make today isn't going to go away. By making available information on the Website, BlackRock does not represent that any investment vehicle is available or suitable for any particular user. And through regulatory regimes, there was essentially caps put on the emissions. What do you see that mix looking like in 20 years? International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation, and the possibility of substantial volatility due to adverse political, economic or other developments. But it's a different fuel type. 2022 BlackRock, Inc. BLACKROCK, BLACKROCK SOLUTIONS, BUILD ON BLACKROCK, ALADDIN, iSHARES, iBONDS, FACTORSELECT, iTHINKING, iSHARES CONNECT, FUND FRENZY, LIFEPATH, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, BUILT FOR THESE TIMES, the iShares Core Graphic, CoRI and the CoRI logo are trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. MARK WIEDMAN: Energy sources for your business. Leave the BlackRock site for Individuals to explore other content, Welcome to the BlackRock site for individuals, Broad exposure to a large basket of opportunities, Driven by the search for additional sources of return, Dive into market topics with BlackRock investment experts. While the approaches differ, they share the strengths of a common platform as they seek to deliver outperformance with true partnership. And let the technologies that can reduce the CO2 emissions come to the forefront. Any opinions expressed on this Website may change as subsequent conditions vary. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained visiting the iShares ETF and BlackRock Mutual Fund prospectus pages. So that's half of our CO2, and the other half was power and steam. We see the driving force from the consumer to get the CO2 emissions down. An investment in the Funds often involves investing in international markets. More and more investors are shifting to alternatives to help them achieve their goals. Let them roll. It's exciting stuff, so let's jump into our next episode. MARK WIEDMAN: Let's start off with the basics. Listing of the shares or units of the Funds does not guarantee a liquid market for them. Investors are seeking differentiated strategies for their Private Equity allocations based on their unique needs, including risk and return objectives, cash flow profiles and overall cost. What we've seen in Europe is that once the price on carbon got to $60 a ton-- and now, it's operated between 60 and a little more than $100 a ton. All other marks are the property of their respective owners. It means we need really reliable supply. The world is saying, yeah, we want you to be low cost, but it needs to be the best combination of low cost and low or zero carbon emissions. Nothing contained on this Website should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any trademark displayed on this Website without the written permission of BlackRock or such other third party that may own the trademark displayed on this Website. BlackRock is an equal opportunity employer committed to diversity in the workplace. Since 1999, we've been a leading provider of financial technology, and our clients turn to us for the solutions they need when planning for their most important goals. And from your perspective as a CEO, start with simply, how is decarbonization part of your conversation with your investors? BlackRock reserves the right to cease providing, or to change, this Website and content of such information (or any portion or feature thereof) at any time or frequency and without notice.

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