Larry Fink says the next 1,000 unicorns will be green energy companies
Summary
The next wave of successful start-ups will be those that help make the transition to a carbon-free energy affordable, said BlackRock CEO Larry Fink in his most recent highly anticipated annual letter. "Engineers and scientists are working around the clock on how to decarbonize cement, steel, and plastics; shipping, trucking, and aviation; agriculture, energy, and construction. The success of Tesla has made Elon Musk the richest person in the world, with a net worth of $266.5 billion, according to Forbes. In some cases, large incumbent companies "have an advantage in capital, market knowledge, and technical expertise on the global scale required for the disruption ahead," Fink wrote. And any technology or policy that makes energy costs more expensive for the poorest and most vulnerable populations globally will lead to "greater polarization around climate change" and will also be detrimental to progress, he said.