“The evidence on climate risk is compelling investors to reassess core assumptions about modern finance.”
to CEO’s that the fund will refocus investments on more sustainable options and less on those impacting climate change, like coal, after critics said the fund was slow to adopt environmentalism as part of its strategy.
“Companies, investors, and governments must prepare for a significant reallocation of capital,” Fink wrote, adding that the climate crisis is a longer term issue for business than historical problems with inflation or the global recession of the ‘00s. BlackRock, wrote Fink, will start introducing funds that do not include fossil fuel-related stocks and vote against management teams it feels are not making progress on sustainability, as well as put pressure on companies to operate in a way that fulfills the Paris Agreement.reported that BlackRock’s sustainability move could prove pivotal in spurring action against climate change, since the mega investor is making the issue a central part of its investment strategy.
Both Fink’s letter—and BlackRock’s new direction—are following criticism from climate activists, members of Congress and British money manager Christopher Hohn, who called BlackRock’s previous environmental efforts
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Larry Fink: Risks from climate change are bigger than the 2008 financial crisis with no Fed to save usBlackRock will put 'sustainability at the center of our investment approach,' said CEO Fink, including everything from portfolio construction to launching new investment products that screen fossil fuels.
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BlackRock's Larry Fink: Risks from climate change are bigger than the 2008 financial crisis with no Fed to save usBlackRock CEO Larry Fink used his annual letter to the world’s biggest companies to warn of the financial risks of climate change. “I do believe many of these problems could be solved. But the actions have to begin now.”
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BlackRock is changing its investment strategy because of climate changeBlackRock, the massive asset manager in charge of $7 trillion, will ditch investments that it considers a sustainability risk, including thermal coal producers
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Larry Fink: Risks from climate change are bigger than the 2008 financial crisis with no Fed to save usBlackRock will put 'sustainability at the center of our investment approach,' said CEO Fink, including everything from portfolio construction to launching new investment products that screen fossil fuels.
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What to watch today: Earnings kick off, Fink warns on climate change and Democrats debateU.S. stock futures are pointing to a steady Wall Street open, following record closes for the S&P 500 and Nasdaq.
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