With a combined $13.5 trillion in assets under management, fund manager BlackRock and investment management company State Street Global Advisors (SSGA) have a lot of clout in the marketplace. As do the opinions of BlackRock Chief Executive Larry Fink and SSGA CEO Cyrus Taraporevala, who each highlighted climate action and social issues among topics of importance in their respective annual letters for the coming year.
Both executives drew attention to the Task Force on Climate-Related Financial Disclosures (TCFD). In his letter to CEOs on Jan. 17, Fink said disclosures consistent with the TCFD are “essential tools for understanding a company’s ability to adapt for the future.” He said Blackrock is “asking companies to set short-, medium-, and long-term targets for greenhouse gas reductions. These targets, and the quality of plans to meet them, are critical to the long-term economic interests of your shareholders.”
