BlackRock CEO predicts a thousand sustainable ‘unicorns’
The next thousand global companies valued at over $1bn will be sustainable companies, predicts BlackRock chairman and CEO Larry Fink.
Fink said, “It’s my belief that the next 1,000 unicorns – companies that have a market valuation over a billion dollars – won’t be a search engine or media company. They will be businesses developing green hydrogen, and green agriculture, and green steel and green cement.”
Speaking at the Middle East Green Initiative Summit in Riyadh, he also confirmed the BlackRock will not divest from hydrocarbons.
He argues it is essential to work with them, and for them to contribute towards emissions solutions such as carbon capture and storage.
Fink said, “We’re supportive of hydrocarbon companies, and believe they will be part of the solution of the green revolution of new green technology.”
The asset management firm signed up to the Net Zero Asset Managers Initiative in March earlier this year.
By signing up, it has pledged to support efforts to limit global warming to 1.5 degrees celsius by targeting net-zero emissions by 2050 across all their holdings.