Institutional managers bet that the transition to a low-carbon future is necessary if global warming is to be avoided
BlackRock said in January it manages $50 billion “in solutions that support the transition to a low-carbon economy.”
He wants bankers and investors to use their financial heft to increase the cost of capital for polluters.
They join 43 firms pledging to target net-zero carbon emissions by 2050 across all of their holdings.
Companies in all sectors are being pressed by investors, governments and the general public to cut emissions.
The U.S. investment giants are joining a global effort to decarbonize investor portfolios and the wider economy.
The asset management giant is the biggest institutional investor in coal companies.
Axa recently scored a market-beating success by generating a lower level of global warming.
Larry Fink said companies' approach to ESG issues will become a defining factor for investors.
The report called ESG investing "an all-encompassing shift in the investment landscape."
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