BlackRock Supports New Hub for Business Climate Data | Economic news


LONDON (AP) – Wall Street giant BlackRock on Tuesday announced it is backing a new London-based research center that will provide asset managers with information on how the companies they invest in deal with the risks associated with it to climate change.

BlackRock said it is joining the Transition Pathway Initiative, or TPI, a London-based group that is already backed by dozens of major institutional investors, from banks to public pension funds.

“It is BlackRock’s investment belief that climate risk is investment risk,” said Sandy Boss, the company’s global head of investment stewardship, in a statement.

The CEO of BlackRock announced almost two years ago a move towards more sustainable investments.

The TPI, which says it now has the backing of investors with a total of $ 40 trillion in assets under management or advice, said it would dramatically increase the number of companies from 400 onwards. he reports.

Political cartoons about world leaders

Political cartoons

Its new Global Climate Transition Center, based at the London School of Economics, “will provide free and publicly available detailed data on how 10,000 companies are on a net zero trajectory” and will also assess government bonds and corporate debt issuers, the TPI mentioned.

The announcement comes days before the start of a United Nations climate summit in Glasgow where government, business and civic leaders will discuss how to tackle global warming.

Scientists say this requires drastically reducing emissions of greenhouse gases such as carbon dioxide, which is released by burning fossil fuels.

This means that investments in the manufacture of fossil fuels and related products may soon become worthless, while companies with high carbon footprints will increasingly have to pay for these emissions, which will reduce their bottom line.

Copyright 2021 The Associated press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Source link

Previous Farmington 2021 Election Profile: CJ Thomas
Next Ron DeSantis Proposes Florida Ports As Solution To Nation's Supply Chain Problems