And there's a whole new suite of boards and task forces out there ready to help with this compliance--the SASB, or Sustainability Accounting Standards Board; the CDSB, or Climate Disclosure Standards Board; and the TCFD, or Task force on Climate-related Financial Disclosures, of which BlackRock is a founding member. This will certainly help BlackRock--and the whole financial establishment--entrench itself at the heart of this new investing paradigm. But it's ironic that just as investors have thrown their weight behind the index revolution that has almost completely wiped out management fees, this new trend could unwind that by reallocating funds into higher-cost portfolios.