BlackRock 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.”
in companies' long-term prospects. … But awareness is rapidly changing, and I believe we are on the edge of a fundamental reshaping of finance."
BlackRock will put "sustainability at the center of our investment approach," he wrote — from portfolio construction to launching new investment products that screen fossil fuels. "For now over eight years, I've been writing CEO letters about 'long-termism,'" Fink told CNBC. "Nothing could be more 'long-termism' than climate change."
"I believe in the science. But I did not write it as an environmentalist. I wrote the letter as a capitalist," he said. "My job is, as a capitalist, to help prepare our clients for the redistribution of capital. And more importantly, through that is to provide them with an investment portfolio that will outperform."
Fink's comments come as business leaders, policymakers and investors prepare to travel to Davos, Switzerland, for the
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