Will Blackrock Save The Planet? Probably Not
Dubbed a “vast money machine”, Blackrock has made a lot of people very rich, most obviously its founder Larry Fink, who earlier this year joined the billionaire’s club. Now the world’s biggest investment fund says it has found a new passion: saving the planet. Yesterday Fink announced plans for his firm to lead the way in “sustainable investing”, by putting more money into businesses that live up to certain environmental or social standards. The twist is that the New York-based firm reckons it can do this and continue to make the returns its investors expect. So is this a genuine attempt to do the right thing or yet another ethical investment swiz, a marketing ploy that gives investors an out when their kids ask them difficult questions about what they do?