We’re going to exit from these types of companies. Fink’s 2020 letter effectively says, ‘We’re going to do the following things.
“What makes me hopeful is that there is a greater level of specificity and accountability in this letter than we have seen in Larry Fink’s recent letters to CEOs. So when you think about those three factors - tangible evidence of climate change, intense pressure on BlackRock, and a strong financial argument for considering environmental sustainability – it’s about time.” Will this letter drive investments and business practices to promote environmental sustainability? And, third, the financial performance implications have become increasingly clear that considering environmental sustainability is not only not harmful for your investments but is actually a good idea. Second, there’s been a lot of targeted pressure on BlackRock to change its tune. The very fact that we can all feel it, and see it in the news-see the fires in Australia and see flooding and so on – raises concerns. “There’s a groundswell of interest in climate. Katherine Klein, vice dean of Wharton Social Impact and a Wharton management professor, spoke with host Dan Loney on Wharton Business Dailyabout the impact of BlackRock’s announcement and the future of sustainable investing Interview Highlights Why is this change coming now? Fink’s letter is the latest in a trend of business leaders encouraging companies to take action to address climate change. Last month, BlackRock CEO Larry Fink released his annual letter to CEOs announcing his firm would take environmental sustainability into account when making investment decisions because climate change represents an unprecedented risk to markets. The timestamp is only as accurate as the clock in the camera, and it may be completely wrong.When the world’s largest asset manager makes a bold statement, people pay attention. If the file has been modified from its original state, some details such as the timestamp may not fully reflect those of the original file.
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