In the letter, he asked governments to provide clear pathways and a consistent taxonomy for sustainability policy, regulation, and disclosure across markets. ![]() “It’s also why we ask you to issue reports consistent with the Task Force on Climate-related Financial Disclosures (TCFD): because we believe these are essential tools for understanding a company’s ability to adapt for the future.”ĭivesting from entire sectors or shifting carbon-intensive assets from public to private markets will not get the world to net zero, he added.īlackRock does not pursue divestment from oil and gas companies as a policy, though some of the asset manager’s clients do choose to divest.įink noted that foresighted companies across a range of carbon-intensive sectors will be a critical part of decarbonisation, while companies leading the transition present a vital investment opportunity for clients and driving capitals towards these firms will be essential to achieving net zero. In his 2019 letter to CEOs, Larry Fink, the CEO of BlackRock, disagreed with this assumption, stating in bold lettering: Purpose is not the sole pursuit of profits but the animating. “These targets, and the quality of plans to meet them, are critical to the long-term economic interests of your shareholders,” said Fink. A 2017 interview with BlackRock BLK +1.9 CEO Larry Fink has resurfaced in which he stated he wanted to force diversity and inclusion policies on companies. The focus on sustainability stems from companies’ roles as capitalists and fiduciaries to clients, rather than environmentalists, said Fink.Īs a result, BlackRock is asking companies to set short, medium, and long-term targets for greenhouse gas reductions. LONDON BlackRock CEO Larry Fink is facing calls to step down from activist investor Bluebell Capital over the company’s alleged hypocrisy on its environmental, social and governance. 29, 2019 8:32 AM ET Larry Fink 498 Follower s Follow Summary Purpose and profit: an inextricable link. On this episode of the Bid podcast, Larry explains how the pandemic has intensified the competition for talent and how this is affecting companies. Larry Fink's 2019 Letter To CEOs: Purpose And Profit Jan. He added that the most successful start-ups are those that will help the world decarbonise and make the energy transition affordable for all consumers. Our Chairman and CEO, Larry Fink, recently released his annual letter to CEOs. BlackRock vows to divest from climate change laggardsįink said more money will be poured into sustainable investing in the coming years, ranging from capital into new ventures focused on energy innovation, or transferring from traditional indexes into more customised portfolios and products.
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