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| Tue, 26th Jan 2021 13:08:00 |
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Blackrock chief: ‘How Covid could help save the planet’ |
The pandemic has exacted a terrible toll on human life and livelihoods. It is hard to see how anything that could possibly be described as positive could come out of such a devastating crisis.
But the world's biggest money manager suggests there may be one.
Blackrock manages $8.7 trillion dollars of savers' money. It is probably the most influential financial firm in the world.
Larry Fink, the chief executive of Blackrock, in his annual letter to the bosses of all the companies in which that colossal sum is invested, says the pandemic could ultimately help in the fight against an even greater crisis.
"I believe that the pandemic has presented such an existential crisis - such a stark reminder of our fragility - that it has driven us to confront the global threat of climate change more forcefully and to consider how, like the pandemic, it will alter our lives."
Sustainable investments
He argues this is not just talk: you can measure it and that it has accelerated a re-allocation of global capital towards environmentally sustainable businesses.
When the pandemic hit, investors ran to the hills. They dumped their shareholdings and turned them into cash. The Dow Jones index of the biggest companies in the US lost 10,000 points, nearly a third, in a matter of days.
Read original full article
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