In his annual letter, CEO Larry Fink said BlackRock's recognition of the import of climate risk on finance does not make the company a political chess piece.
"As I have said consistently over many years now, it is for governments to make policy and enact legislation, and not for companies, including asset managers, to be the environmental police," Fink wrote.
"For years now, we have viewed climate risk as an investment risk. That's still the case," Fink said.who view environmental, social, and governance investing as a proxy for financiers impressing their political viewpoints. Natural disasters cost the insurance giant Munich Re $120 billion in 2022, which Fink called "a once unthinkable figure."
I wrote last year that the next 1,000 unicorns won't be search engines or social media companies. Many of them will be sustainable, scalable innovators – startups that help the world decarbonize and make the energy transition affordable for all consumers. I still believe that."It is not the role of an asset manager like BlackRock to engineer a particular outcome in the economy, and we don't know the ultimate path and timing of the transition.
Scope 3 emissions, which are much harder to track, are emissions resulting from the assets in an organization's supply chain.
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