A month and a half ago, BlackRock, the world's largest investment firm, made waves for choosing to divest from some coal investments, setting up funds that avoided fossil fuels, and saying it would only support corporate board members who factored the climate crisis into its decisions. While the initial announcement was met with some criticism by environmental activists, BlackRock's recent decisions have cast doubt on the seriousness of its commitments to help fight the global climate crisis.
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The world's largest publicly traded companies must take a more active role in solving social issues or face blowback from investors, the CEO of BlackRock said Tuesday.
"To prosper over time, every company must not only deliver financial performance, but also show how it makes a positive contribution to society," Laurence Fink wrote in his annual letter to CEOs of companies in which BlackRock invests. BlackRock is the world's largest money manager, with more than $6 trillion in assets.