BlackRock, the largest asset management company on the planet, has announced a shift toward investing in companies that are making significant strides toward lowering their carbon footprint and promoting sustainability. Focusing both on how climate change will affect companies and how they are addressing that risk, BlackRock (like many companies and investment firms) is countering the negative effects of Trump Administration policies, including its withdrawal from the Paris Climate Accord.
While BlackRock has been criticized in the past for retaining fossil fuel companies in its portfolios, this decision may have dramatic effects on its competitors and on companies that hope to benefit from BlackRock's investment clout. My personal kudos to CEO Laurence Fink for directing this change in a very public manner.
Until President Trump is removed from office (via Impeachment or the 2020 Election), we must rely on industry, local governments, investors and consumers to take up the fight against climate change. BlackRock's decision may prove to be a significant turning point in that global effort.
While BlackRock has been criticized in the past for retaining fossil fuel companies in its portfolios, this decision may have dramatic effects on its competitors and on companies that hope to benefit from BlackRock's investment clout. My personal kudos to CEO Laurence Fink for directing this change in a very public manner.
Until President Trump is removed from office (via Impeachment or the 2020 Election), we must rely on industry, local governments, investors and consumers to take up the fight against climate change. BlackRock's decision may prove to be a significant turning point in that global effort.
