BlackRock's CEO says sustainability is the 'top issue' for investors—here's what that means for your money. (via CNBCMakeIt)
Noting that BlackRock is a fiduciary that invests money on behalf of others, Fink writes that climate change is a major economic issue, affecting housing prices, insurance markets, productivity, food costs and more. Being more sustainable, then, isn't just a political choice — it's the smartest business decision, he says.
Any executive who does not take climate change seriously, he writes, is harming the long-term prospects of their company. To Fink, that means that company is not a wise investment and does not belong in clients' portfolios., BlackRock is one of the largest investors in fossil fuel companies, given how many assets it holds.
These products aren't yet available, but there are plenty of sustainable funds currently offered by financial firms, including aBlackRock also wants the companies it invests clients' money in to make certain financial disclosures related to sustainability, including disclosing "climate-related risks." If they don't, BlackRock will vote against the management teams in place.
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