BlackRock boss Larry Fink calls on CEOs worldwide to disclose concrete plans for reaching net zero by 2050
- BlackRock's CEO
Larry Finkwrote a letter to corporate leaders Tuesday pressing them to disclose concrete climate changeplans.
- Companies' plans should help eliminate net
greenhouse gasemissions by 2050, Fink wrote.
- "I urge companies to move quickly to issue them rather than waiting for regulators to impose them," he said.
In a letter he sends annually, Fink called on companies to "disclose a plan for how their
Fink has faced criticism over his comments on climate change - a report from Reclaim
In 2020, BlackRock voted against management at 53 companies for "lack of progress" on climate concerns , while putting 191 companies "on watch."
"The more your firms are seen to embrace the climate transition and the opportunities it brings, the more the market will reward your firms with higher valuations," Fink wrote in the letter.On the topic of companies revealing their net-zero plans, Fink said: "I urge companies to move quickly to issue them rather than waiting for regulators to impose them."
Fink said he was pushing both public companies and private companies to disclose their climate plans.
"If we want these disclosures to be truly effective - if we want to see true societal change - they should be embraced by large private companies as well," he said. "We believe that issuers of public debt also should be disclosing how they are addressing climate-related risks."In January 2020, Fink wrote to CEOs saying that climate change would be "a defining factor in companies' long-term prospects." He added: "We are on the edge of a fundamental reshaping of finance."
- IPL to start on April 9 and final to be held on May 30, says BCCI
- Xiaomi patents new foldable smartphone
- Top 10 richest people in Canada according to Forbes as of March 7, 2021
- Global market for desktops, notebooks and tablets to grow 8% in 2021, says new report
- Porsche unveils its first pair of electric bikes priced at $8,549