BlackRock, the world’s largest money manager, which oversees $7 trillion of assets, announced Tuesday it will make investment decisions with a primary goal in mind: climate change and environmental sustainability. BlackRock said it will introduce new funds that avoid fossil fuel stocks and move against company management teams that are making insufficient progress on sustainability. In his closely watched annual letter to chief executives, BlackRock CEO Larry Fink said that climate risk is “compelling investors to reassess core assumptions about modern finance.”

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