BlackRock’s Fink: ‘The world needs to come together on climate change’

BlackRock CEO Larry Fink and former UK PM Tony Blair urge more countries to adopt climate regimes

BlackRock CEO Larry Fink has said he is being “yelled at by both sides” when it comes to taking action on climate change.

Speaking at an Economist event, Fink (pictured) said: “Some people think BlackRock is not moving fast enough, some people think we’re moving too rapidly and destroying jobs, and I’m getting letters from both sides…maybe that’s a good sign we’re moving rapidly because I’m getting equally yelled at.”

Fink appeared positive on the pace of change more broadly as well, saying public companies have “evolved very rapidly” and further governments are adapting climate regimes. Conversations with asset owners and company leaders, he also said, were more robust.

“What is so urgently needed now is we need the world to come together on this,” he said, calling for more companies to report under the Sustainability Accounting Standards Board and for the Task Force on Climate-Related Financial Disclosures to be mandated in other regions.  

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Also calling for more global collaboration was former UK prime minister Tony Blair, who said lessons can be taken from the successes and failures of how the pandemic was handled.

“There’s not been nearly enough global cooperation around handling the pandemic, but where there has been it’s been immensely helpful,” he said, adding that this should be used in how the world approaches tackling climate change.

Referencing the financial sector specifically, Blair said the financial business community will have to be brought in to help, for example major oil and gas companies, with “realistic plans” in order for them to transition to net zero.

“One thing that’s important is the COP Summit, because you’ll have a lot of high-level commitments, but it’s important to segment these problems and ask how you deal with it…how are major oil companies going to transition to different type of companies. A lot of them have announced very ambitious targets but… the financial business community will have to be brought into this.”