
In response to mounting public pressure, Larry Fink, the C.E.O. of BlackRock, announced, in a letter to investors, that the firm will make some modest policy changes related to climate change.
Photograph by Damon Winter / NYT / Redux
One of the authors, also a prolific activist, who we cite most frequently has shared his view on the news we linked to earlier this last week:
Citing Climate Change, BlackRock Will Start Moving Away from Fossil Fuels
By Bill McKibben
If you felt the earth tremble a little bit in Manhattan on Tuesday morning, it was likely caused by the sheer heft of vast amounts of money starting to shift. “Seismic” is the only word to describe the recent decision of the asset-management firm BlackRock to acknowledge the urgency of the climate crisis and begin (emphasis on begin) to start redirecting its investments.
By one estimate, there’s about eighty trillion dollars of money on the planet. If that’s correct, then BlackRock’s holding of seven trillion dollars means that nearly a dime of every dollar rests in its digital files, mostly in the form of stocks it invests in for pension funds and the like. So when BlackRock’s C.E.O., Larry Fink, devoted his annual letter to investors to explaining that climate change has now put us “on the edge of a fundamental reshaping of finance,” it marked a watershed moment in climate history. Continue reading






























