NEW YORK: BlackRock Inc will ditch investments with high sustainability-related risk as climate concerns drive a sweeping change in the way the world’s largest asset manager invests its US$7 trillion in assets.
“Climate change has become a defining factor in companies’ long-term prospects,” chief executive officer Larry Fink wrote in his annual letter to corporate executives on Tuesday. “Awareness is rapidly changing, and I believe we are on the edge of a fundamental reshaping of finance.”
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