BlackRock CEO Larry Fink told investors on Wednesday that the asset management company views climate change as a risk to portfolio companies.
BlackRock maintains an average 20% stake in every Fortune 500 company alongside rival asset management firms State Street and Vanguard. Fink claimed in his annual letter to investors that he desires to take a “long-term view of what will impact returns” and contended that firms should seriously account for the impact of climate change.
“For years now, we have viewed climate risk as an investment risk. That’s still the case,” he wrote. “Anyone can see the impact of climate change in the natural disasters in California or Florida, in Pakistan, across Europe and Australia, and in many other places around the world. There’s more flooding, more wildfires, and more intense storms. In fact, it’s hard to find a part of our ecology, or our economy, that’s not affected. Finance is not immune to these changes.”
BlackRock is a leading…
