to CEO’s that the fund will refocus investments on more sustainable options and less on those impacting climate change, like coal, after critics said the fund was slow to adopt environmentalism as part of its strategy.
“Companies, investors, and governments must prepare for a significant reallocation of capital,” Fink wrote, adding that the climate crisis is a longer term issue for business than historical problems with inflation or the global recession of the ‘00s. BlackRock, wrote Fink, will start introducing funds that do not include fossil fuel-related stocks and vote against management teams it feels are not making progress on sustainability, as well as put pressure on companies to operate in a way that fulfills the Paris Agreement.reported that BlackRock’s sustainability move could prove pivotal in spurring action against climate change, since the mega investor is making the issue a central part of its investment strategy.
Both Fink’s letter—and BlackRock’s new direction—are following criticism from climate activists, members of Congress and British money manager Christopher Hohn, who called BlackRock’s previous environmental efforts
Short BlackRock, long Bitcoin.
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