BlackRock Letter

BlackRock+Letter

Katie Roady, Staff Writer

At the start of 2020, Laurence Fink dropped a highly influential letter to all CEOs. Laurence Fink is the CEO of an American global investment management corporation called BlackRock. The letter he wrote contained information in regards to climate change and that it has “become a defining factor in companies’ long-term prospects.” He further elaborates on his purpose, saying that “every government, company, and shareholder must confront climate change,” and that doing nothing would be an investment risk for his corporation. This $7 billion corporation holds great power over CEOs who want a share of BlackRock’s assets. After announcing that they would remove any stocks and bonds of companies that get more than 25% of their revenue from thermal coal production, a gigantic shift in the manufacturing habits of companies took place. An example is Exxon, an oil and gas company, which has since released climate impact reports. Activist investors have even begun writing letters to Apple in regards to the effect their products can have on today’s youth.