United States

BlackRock shifts investment strategy to tackle climate change

BlackRock CEO Larry Fink pledged Tuesday to ditch some environmentally harmful investments as part of a plan to combat climate change, which he expects will spur a “fundamental reshaping of finance.” The shift by the world’s largest investment manager came amid environmental activists’ efforts to pressure financial institutions to take on a bigger role in combating the growing climate crisis. “Even if only a fraction of the projected impacts (of climate change) is realized, this is a much more structural, long-term crisis,” Fink wrote in his annual letter to CEOs. “Companies, investors, and governments must prepare for a significant reallocation of capital.” Fink said BlackRock — which has about $7 trillion in asset ...