Larry Fink: Mandated climate disclosures needed for private companies as the 'mission is failing'

Hydrocarbon firms being bought by private equity

In an event at COP26, Larry Fink, CEO of Blackrock, the largest asset manager in the world, has said that we are at risk of the “biggest capital arbitrage in our history” if private companies are not forced into the same kind of climate disclosure as public companies.

He said that while he was impressed with "how fast public companies are moving forward", with regards to climate change agenda and disclosures, the private markets are being left behind meaning the "mission is failing". Fink pointed out the private equity industry is the one now funding the fossil fuel industry, with more hydrocarbons sold to them. The New York Times reported last month that since 2010, the private equity industry has invested at least $1.1trn into the energy sector, the overwhelming majority of which was in fossil fuels, according to data from Pitchbook and Private E...