In fact, these trends may accelerate rapidly following BlackRock's January 2020 announcements relating to ESG and sustainability. In his annual letter to CEOs, titled "A Fundamental Reshaping of Finance," BlackRock's CEO Larry Fink stated that BlackRock's "investment conviction is that sustainability- and climate-integrated portfolios can provide better risk-adjusted returns to investors." In a companion letter to clients, BlackRock stated its belief that "sustainability should be [BlackRock's] new standard for investing" and that it would be significantly expanding its sustainable investing client offerings and further integrating sustainability into its investment processes.