BlackRock urges more than 100 firms to report climate dangers
New York — BlackRock, the world’s biggest asset manager, is telling companies that now is the time to start reporting clear information on climate risk to their businesses. The firm, which oversees almost $6-trillion in assets, sent letters from its corporate-governance team to about 120 companies this week, urging them to report climate dangers in line with the recommendations of the Financial Stability Board’s task force on climate-related financial disclosures, set up by Bank of England Governor Mark Carney. The letters were sent globally to BlackRock holdings with "material climate risk inherent in their business operations", such as those in the energy, transportation and industrial sectors, according to a copy seen by Bloomberg. They were signed by Michelle Edkins, the firm’s global head of investment stewardship. BlackRock, along with investors such as UBS Asset Management and JPMorgan Chase, is a participant in the task force led by Bloomberg founder Michael Bloomberg. The g...
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