BlackRock’s Larry Fink may believe that greater demand for sustainable investing leaves Wall Street “on the edge of a fundamental reshaping of finance,” but advocates say it’s a hollow prediction absent bigger moves by the world’s largest fund firm to unwind its fossil-fuel exposure.

Other observers noted a “materially different” annual letter to chief executives Tuesday from Fink, the chairman and CEO, compared to his stance only one year earlier. Sooner rather than later, Fink said, sustainable investments that take into account climate change will deliver better returns.

“Larry Fink has always had a large megaphone and his pronouncements on climate have been important, [but] we need to see action from BlackRock — from supporting climate-related shareholder proposals, to offering fossil-free options in 401(k) funds, to ensuring wide access to, and promotion of, passive funds that tilt away from fossil fuel-based energy,” said Danielle Fugere, president and chief counsel of As You Sow, a nonprofit shareholder advocacy firm focused on environmental issues and social corporate responsibility. Read Full Article - MarketWatch, January 14, 2020