Concerns about climate change will drive a “fundamental reshaping of finance”, one of the world’s biggest money managers has said.
Larry Fink, who runs BlackRock, said the shift will happen “sooner than most anticipate”.
His company has announced “sustainable” versions of its traditional investment options to meet demand from clients.
It has also said it would push firms to disclose more about a range of issues, including climate commitments.
While markets have been slow to reflect the worries about climate change, Mr Fink said the corporate world is now catching up.
“Awareness is rapidly changing, and I believe we are on the edge of a fundamental reshaping of finance,” he wrote in an annual letter to chief executives.
“In the near future – and sooner than most anticipate