In an annual letter to CEOs published Tuesday, BlackRock chief executive Larry Fink said: “Climate change has become a defining factor in companies’ long-term prospects…But awareness is rapidly changing, and I believe we are on the edge of a fundamental reshaping of finance..
Climate change is almost invariably the top issue that clients around the world raise with BlackRock. And because capital markets pull future risk forward, we will see changes in capital allocation more quickly than we see changes to the climate itself. In the near future — and sooner than most anticipate — there will be a significant reallocation of capital.” More>>