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BlackRock CEO calls for stronger climate finance plan at G20 meet
(Reuters, 11 Jul 2021) Investment boss warns that current efforts to press firms to go green risk being 'nothing more than window dressing' unless they are backed with stronger efforts to unlock climate finance.
BlackRock Chief Executive Larry Fink on Sunday called for governments to develop a stronger long-term climate finance plan to unlock the private capital needed to fund the transition to a low-carbon economy.
Speaking to The Venice International Conference on Climate at a meeting of G20 Finance Ministers, he said without such a plan, current efforts, including on corporate sustainability disclosures, risked being "nothing more than window dressing".
Fink, who heads the world's biggest asset manager, with around $9 trillion in assets, also called for reform of the International Monetary Fund and the World Bank to make them more suited to tackle the challenge of climate change.
Fink, highlighted three "critical" issues needed to power the ecological transition, which he said represented a $50 trillion opportunity for investors. BlackRock itself is a major investor in fossil fuels.
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Reuters, 11 Jul 2021: BlackRock CEO calls for stronger climate finance plan at G20 meet
