Climate change becomes focus of World’s largest asset manager controlling $7 trillion funds

By: |
Published: January 14, 2020 9:56:42 PM

Climate change has become the top issue raised by clients, Fink said, and it will affect everything from municipal bonds to long-term mortgages for homes.

The New York firm is taking immediate action, exiting investments in coal used to generate power, and it will begin asking clients to disclose their climate-related risks. (Reuters)

BlackRock, the world’s largest asset manager, will make climate change central to its investment decisions going forward. Founder and CEO Laurence Fink, who oversees the management of about $7 trillion in funds, said in his influential annual letter to CEOs Tuesday that he believes we are “on the edge of a fundamental reshaping of finance” because of a warming planet.

Climate change has become the top issue raised by clients, Fink said, and it will affect everything from municipal bonds to long-term mortgages for homes.

The New York firm is taking immediate action, exiting investments in coal used to generate power, and it will begin asking clients to disclose their climate-related risks.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Be the change! Get inspired by UN’s ‘Lazy Person’s Guide to Saving the World’
2Disturbing alert from Philippines: Taal volcano could spew lava and ash for weeks, authorities warn
3Delhi weather: Cloudy morning in national capital, air quality remains ‘very poor’