KEY POINTS
  • In an annual letter to CEOs published Tuesday, BlackRock chief executive Larry Fink said: "Climate change has become a defining factor in companies' long-term prospects."
  • "But awareness is rapidly changing, and I believe we are on the edge of a fundamental reshaping of finance," he added.
  • BlackRock's assets under management totaled almost $7 trillion in the third quarter of 2019.

The chief of the world's largest money manager believes the intensifying climate crisis will bring about a fundamental reshaping of finance, with a significant reallocation of capital set to take place "sooner than most anticipate."

In an annual letter to CEOs published Tuesday, BlackRock Chief Executive Larry Fink said: "Climate change has become a defining factor in companies' long-term prospects … But awareness is rapidly changing, and I believe we are on the edge of a fundamental reshaping of finance."