Why BlackRock plans to drop fossil fuel investments for carbon-neutral funds

The world’s largest asset manager will make climate change central to investment decisions, vowing to take immediate actions towards its greener strategy

An annual letter to investors sent by Larry Fink, the chief executive of asset manager BlackRock, says that climate change will lead to a fundamental reshaping of finance. The firm is the world’s largest asset manager, with $7tn under management.

In the letter, Fink said that a significant reallocation of capital will take place sooner than most anticipated and that BlackRock plans to make climate change central to its own investment decisions backed by immediate actions.

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