via Fortune:

BlackRock CEO Larry Fink is making a strong statement on climate change at the start of the new decade. In his letter to CEOs yesterday, the man who runs the world’s largest asset manager said: “We are on the edge of a fundamental reshaping of finance. The evidence on climate risk is compelling investors to reassess core assumptions about modern finance.”

So what is BlackRock doing about it? Fink said the company will make “sustainability integral to portfolio construction and risk management,” exit “investments that present a high sustainability-related risk, such as thermal coal producers,” launch “new investment products that screen fossil fuels,” and strengthen “our commitment to sustainability and transparency in our investment stewardship activities.”