Because of its size and reach, any shift in focus by BlackRock by putting climate change and sustainability at the center of its investing approach, could alter the industry. But Danielle Fugere, president of shareholder-advocacy group As You Sow, said Tuesday’s announcement by BlackRock Chief Executive Larry Fink, is only a first step. California is burning up.”The wildfires in parts of Australia and California and other recent disasters have shown big institutional investors that climate change is just as much a threat to their returns in the near term as over the coming decades. “Many institutional investors will welcome these steps by BlackRock,” she said. Now, fund managers say they they look at environmental, social and governance issues broadly as part of their analysis of any investment.

Source: The Standard January 15, 2020 07:26 UTC