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BlackRock CEO Larry Fink. Photo: Ramin Talaie/Corbis via Getty Images

BlackRock is calling on companies to "disclose a plan for how their business model will be compatible with a net-zero economy," per the New York Times' coverage of CEO Larry Fink's annual letter this morning.

Why it matters: BlackRock is the world's largest asset manager. And per the NYT story, they're vowing to back up their call by throwing more weight around with companies in their actively managed portfolio.

How it works: From the NYT piece...

  • "BlackRock’s size gives it enormous influence: Mr. Fink can seek to oust directors of companies that he doesn’t believe are heeding his call and he can dump the shares of companies owned by the firm’s actively managed funds."
  • The Times also reports that BlackRock is planning a “heightened-scrutiny model” on climate risk for actively managed funds, including “flagging holdings for potential exit.”

Yes, but: Climate activists have criticized BlackRock's past efforts as often more bark than bite, despite steps like voting against some Exxon board members.

Go deeper

Felix Salmon, author of Capital
Jan 26, 2021 - Economy & Business

Larry Fink to CEOs: Climate risk is investment risk

Illustration: Eniola Odetunde/Axios

The biggest investor in the world has an unambiguous message for the CEOs of the companies he invests in: climate risk is investment risk.

Why it matters: Pressure from BlackRock CEO Larry Fink, who controls $9 trillion, will encourage companies to report not only what their greenhouse gas emissions are today, but also what they're doing to ensure that their future emissions are in line with Paris Agreement targets that end at zero in 2050.

Scoop: Qatar emir to visit White House on Monday

The emir of Qatar, Tamim bin Hamad Al Thani, leaves the White House after meeting President Trump in 2019. Photo: Nicholas Kamm/AFP via Getty Images

The emir of Qatar will meet with President Biden at the White House on Monday to discuss Afghanistan as well as contingency plans to provide natural gas to Europe in the event of a Russian invasion of Ukraine, Axios has learned.

Why it matters: Europe's reliance on Russia for 40% of its natural gas is undermining Biden's attempts to coordinate "massive" sanctions to be imposed from both sides of the Atlantic if Russia invades. The White House wants Qatar to help ensure European countries can enforce tough sanctions without risking an energy crisis.

Biden: There won't be "American forces moving into Ukraine"

President Joe Biden told reporters Tuesday that he does not foresee U.S. troops moving into Ukraine.

Why it matters: Biden's comments come as tensions between Russia and Ukraine persist, and a Russian invasion of Ukraine appears increasingly likely.