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Q3 earnings. Access BlackRock's Q3 earnings now. Publications and data visuals. Our thought leadership in investing, risk management, portfolio construction and trading solutions. As an asset manager, BlackRock invests on behalf of others, and I am writing to you as an advisor and fiduciary to these clients. The money we manage is not our own. It belongs to people in dozens of countries trying to finance long-term goals like retirement. And we have a deep responsibility to these institutions and individuals — who are shareholders in your company and thousands of others — to promote long-term value. Last September, when millions of people took to the streets to aMking action on climate change, many of them emphasized the significant and lasting impact that it will have on economic growth and prosperity — a risk that markets to date have been A Note On The Importance Of Making to reflect.

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But awareness is rapidly changing, and I believe we are on the edge of a fundamental reshaping of finance. The evidence on climate risk is compelling investors to reassess core assumptions about modern finance. Will cities, for example, be able to afford their infrastructure needs as climate risk reshapes the market for municipal bonds?

What happens to inflation, and in turn interest rates, if the cost of food climbs from drought and flooding? How can we model economic growth if emerging markets see their productivity decline due to extreme heat and other climate impacts?

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Investors are increasingly reckoning with these questions and recognizing that climate risk is investment risk. Indeed, climate change is almost invariably the top issue that clients around the world raise with BlackRock. Impotance are seeking to understand both the physical risks associated with climate change as well as the ways that climate policy will impact prices, costs, and demand across the entire economy. These questions are driving a profound reassessment of risk and asset values.

And because capital markets pull future risk forward, we will see changes in capital allocation more quickly than we see changes to the climate itself. In the near future — and sooner than most anticipate — there will be a significant reallocation of capital. As a fiduciary, our responsibility is to help clients navigate this transition.

#1: Visibility of system status

Our investment conviction is that sustainability- and climate-integrated portfolios can provide better risk-adjusted returns to investors. And with the impact of sustainability on investment returns increasing, we believe that sustainable Importanxe is the strongest foundation for client portfolios going forward. Over the next few years, one of the most important questions we will face is the scale and scope of government action on climate change, which will generally define the speed with which we move to a low-carbon economy.

This challenge cannot be solved without a coordinated, international response from governments, aligned with the goals of the Paris Agreement. Under any scenario, the energy transition will still take decades. We need to be mindful of the economic, scientific, social and political realities of the energy transition.]