In his 2021 letter to CEOs, Larry Fink, the CEO and chairman of BlackRock, the world’s largest investment manager, wrote: “No issue ranks higher than climate change on our clients’ lists of priorities.”

His comment reflected a growing unease with how the climate crisis is already disrupting businesses.

Companies’ concerns about climate change have typically been focused on their operational, financial, and reputational risks, the latter associated with the growing importance of the issue among young people. Now, climate change is calling into question the traditional paradigm of corporate sustainability and how companies address their impacts on society and the planet overall.

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