The next 1,000 unicorns (companies worth more than $1 billion) will be in climate tech, Blackrock CEO Larry Fink said in Saudi Arabia on Monday.
Blackrock CO Larry Fink said he thinks the next 1,000 unicorns, or start-ups worth at least $1 billion, will be involved in climate technology.
Organizations like the International Monetary Fund and the World Bank "must play a critical role" in helping to ensure capital is invested in green climate technology in developing nations, Fink said.Larry Fink, chairman and CEO of BlackRock.Larry Fink, the CEO and Chairman of Blackrock, sees addressing climate change as a massive potential for new businesses.
"It is my belief that the next 1,000 unicorns — companies that have a market valuation over a billion dollars — won't be a search engine, won't be a media company, they'll be businesses developing green hydrogen, green agriculture, green steel and green cement," Fink said MondayClimate change is a business opportunity, Fink said, because addressing it will require that virtually every segment of industry will have to be reinvented.
"Getting to net zero carbon emissions by 2050 is going to require a revolution in the production of everything we produce, and a revolution in everything we consume. The process of creating fuel, food and construction materials, with all the needs that we have as humanity, it all has to be reinvented," Fink said. "And that's going to require a large amount of investment, a large amount of ingenuity and a large amount of innovation.
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