We know that climate risk is investment risk. I believe that this is the beginning of a long but rapidly accelerating transition - one that will unfold over many years and reshape asset prices of every type. In a letter to CEOs published in January, BlackRock Chairman and CEO Larry Fink let it be known that his company is taking the lead in addressing climate change:įrom January through November 2020, investors in mutual funds and ETFs invested $288 billion globally in sustainable assets, a 96% increase over the whole of 2019. A survey released in December by BlackRock suggests that assets in ESG investments could double by 2025. That's up 42% from two years ago, and is expected to shoot even higher as climate change not only becomes a greater concern but is more widely embraced by governments and corporations. A recent report found that about 33% of the $51 trillion invested assets in the U.S. Taking the lead on ESGīlackRock plans to establish a leadership position in environmental, social, and governance (ESG) investing, another growing area of the asset management business. For all of 2020, net income jumped 10% to $4.9 billion while revenue rose 11% to $16.2 billion year over year. ETFs drove BlackRock's strong performance in the fourth quarter, as net income rose 19% to $1.5 billion, or $10.02 per share, while revenue increased 13% to $4.5 billion with investment advisory fees accounting for $3.4 billion of that revenue total.
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