BlackRock Inc. CEO Larry Fink, who has been targeted by conservatives because of his approach to climate risk in investing, addressed the criticism during the summit, underscoring that consideration of material climate risk is part of investors’ fiduciary duties.
“We’re seeing evidence every day that climate risk is investment risk,” Fink said at an event Tuesday hosted by the Clinton Foundation. “People are waking up to that and that’s creating this tectonic shift.”
The U.N.-convened Net-Zero Asset Owner Alliance, a member-led initiative of institutional investors committed to transitioning their investment portfolios to net-zero greenhouse gas emissions by 2050, announced this week that its membership has increased sixfold, to 74, since it was established in 2019. Meanwhile, the group’s combined assets under management have quadrupled to $10.6 trillion.
So far this year according to the alliance’s annual progress report released this week, 44 of its investor members — representing $7.1 trillion in assets under management — have set short-term goals on engagement with companies they invest in, reductions in portfolio emissions, financing transition and emission targets based on sectors,.
Pledges for reductions
Most of those investors have vowed to reduce portfolio emissions across four asset classes by at least 22 percent by 2025 or by at least 49 percent by 2030. However, just nine financial institutions have set sector-specific targets to reach by 2025.
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