New Berkshire Hathaway CEO Ignores Financial Risks of Fossil Fuels in First Letter to Shareholders - CleanTechnica

In his first letter to shareholders as Berkshire Hathaway CEO, Greg Abel acknowledged challenges such as rising electricity demand and increasing wildfires that affect affordable and reliable energy delivery. He emphasized the CEO’s role as Chief Risk Officer, highlighting the importance of managing risks to the company. However, Abel did not address the financial risks posed by Berkshire Hathaway’s significant fossil fuel investments, particularly coal plants, which contribute to climate change and exacerbate wildfire severity. This omission is notable given that PacifiCorp, a Berkshire Hathaway subsidiary, has already been held liable for over $1 billion in damages related to Oregon wildfires in 2020. Environmental advocates, including Emma Colman of the Sierra Club, criticized Abel for failing to recognize climate risk as a financial risk. The Sierra Club, a leading grassroots environmental organization, called for Berkshire Hathaway to accelerate its transition to cleaner energy and retire its coal plants to protect both shareholder value and customer interests. The article underscores the tension between Berkshire Hathaway’s current energy portfolio and the growing imperative