World’s biggest investment firm BlackRock to shun fossil fuels
World’s biggest investment firm BlackRock to shun fossil fuels as it steps up efforts to tackle climate change and calls for ‘a fundamental reshaping of finance’
- BlackRock boss said every government, company and shareholder must act
- City firms are increasingly facing pressure to do more on climate change
- There will be ‘a significant reallocation of capital’ CEO Larry Fink warned
- BlackRock looks after $7trillion of money for clients around the world
The world’s biggest investment manager BlackRock has said it will sell-off its shares in coal firms and other major polluters as it called for a ‘fundamental reshaping of finance’ to tackle climate change.
Chief executive Larry Fink warned company boards they must step up efforts to tackle climate change in his annual letter to business bosses.
Fink said they need to act or will face increased wrath from investors concerned about how unsustainable business practices might cut their future wealth.
Laurence ‘Larry’ Fink, chief executive of BlackRock, during a panel session at the World Economic…