10/10/2023 0 Comments Blackrock letter![]() In his 2022 letter, Fink went further still: He wants companies to set more immediate emissions reduction targets, and to also report their progress in line with a framework created by the Task Force on Climate-related Financial Disclosures, or TCFD. He dialed up the urgency a notch in 2021 by asking CEOs to disclose how their companies’ net zero plans were “incorporated into your long-term plans and reviewed by your board of directors.” “Every government, country and shareholder must confront climate change,” wrote Fink, who is CEO and chairman of BlackRock. In Fink’s 2020 missive to CEOs, the language was relatively mild. ![]() In that context, Fink’s recent call for shorter-term corporate targets represents a subtle but significant escalation. because it believed the oil company wasn’t moving quickly enough to incorporate clean energy sources. And in May that year, the asset manager caused a stir when it voted to replace three directors at Exxon Mobil Corp. In March 2021, BlackRock also committed to the goal of net zero greenhouse gas emissions by 2050 or earlier. In January 2020, for example, the New York-based money manager signed up to Climate Action 100+, an investor-led initiative that’s pushing companies to move toward net zero emissions by 2050 or sooner. “These targets, and the quality of plans to meet them, are critical to the long-term economic interests of your shareholders.”īlackRock has long been a prominent player in the environmental, social and governance arena. “We are asking companies to set short-, medium-, and long-term targets for greenhouse gas reductions,” Fink wrote. 17, Fink asked companies to do more than set a long-term net zero target. In his annual letter to the CEOs of companies BlackRock invests in, published on Jan. and The Walt Disney Co., BlackRock’s macroeconomic views command attention in boardrooms across the world. ![]() As a major shareholder in companies ranging from Apple Inc. Larry Fink, influential financier and head of the investment firm BlackRock Inc., has just raised the corporate stakes on climate change - and chief executives across a wide swath of sectors are likely to pay heed.īlackRock is the world’s largest asset manager with a staggering $10 trillion in assets under management. Larry Fink’s call for near-term corporate emissions targets is a subtle but significant escalation of BlackRock using its influence to push for action on climate.
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