BlackRock is shifting its investing strategy to place a greater emphasis on climate change and other societal issues.
"Because sustainable investment options have the potential to offer clients better outcomes, we are making sustainability integral to the way BlackRock manages risk, constructs portfolios, designs products, and engages with companies," the firm's global executive committee, which includes Fink,. "We believe that sustainability should be our new standard for investing."
Instead of optimizing for market cap-weighted exposure, these funds will instead focus on ESG-optimized exposure. "As the largest investment firm in the world, it was very clear to me that more and more clients are looking for advice from us," Fink said. "Probably the most important inference from my observations is I believe we are just beginning a major reallocation of capital."BlackRock said that stocks and other assets are already evaluated through an ESG-lens, but announced that these factors will play a greater role in the decision-making process.
"By the end of 2020, we intend to provide transparent, publicly available data on sustainability characteristics – including data on controversial holdings and carbon footprint – for BlackRock mutual funds," the firm said.As part of its stricter ESG strategy, BlackRock said it would move money away from high-risk sectors, including the thermal coal industry.
This includes sustainable versions of the firm's flagship index products, and there will also be options to screen out specific sectors entirely.
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