Larry Fink: Risks from climate change are bigger than the 2008 financial crisis with no Fed to save us (CNBC)

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    Larry Fink: Risks from climate change are bigger than the 2008 financial crisis with no Fed to save us – By Matthew J. Belvedere (CNBC) / Jan 14 2020

    Key Points

    • BlackRock chief Larry Fink is warning that the financial risks of climate change are bigger than any crisis he’s experienced in his career on Wall Street.
    • Fink, whose BlackRock has nearly $7 trillion in assets under management, used his annual letter to the world’s biggest companies to sound the alarm.
    • BlackRock will put “sustainability at the center of our investment approach,” including everything from portfolio construction to launching new investment products that screen fossil fuels.

    BlackRock Chairman and CEO Larry Fink is warning that the financial risks of climate change are bigger than any crisis he’s experienced in his career on Wall Street.

    “We don’t have a Federal Reserve to stabilize the world like in the five or six financial crises that occurred during my 40 years in finance,” the head of the world’s biggest money manager said in an interview with CNBC’s Andrew Ross Sorkin, which ran on television and in The New York Times on Tuesday.

    “This is bigger,” he argued, calling on the investment community and corporate America to help combat climate change. “It requires more planning. It requires more public-private connections together to solve these problems. And I do believe many of these problems could be solved, but the actions have to begin now.”

    Fink, whose BlackRock has nearly $7 trillion in assets under management, used his annual letter to the world’s biggest companies to sound the alarm. “Climate change has become a defining factor in companies’ long-term prospects … But awareness is rapidly changing, and I believe we are on the edge of a fundamental reshaping of finance.”

    BlackRock will put “sustainability at the center of our investment approach,” he wrote, including everything from portfolio construction to launching new investment products that screen fossil fuels.

    Continue to article: https://www.cnbc.com/2020/01/14/larry-fink-risk-from-climate-change-bigger-than-2008-financial-crisis.html

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