There is a $30-trillion-plus megatrend transforming Wall Street. And it’s affecting everyone from asset management giants, to global tech goliaths. Those who saw it coming are already winning big, while those that missed out are now at risk of losing. With some $7 trillion in assets under management, BlackRock, is a prime example of an industry giant that got ahead of this trend. Also mentioned in today’s commentary includes: Apple, Facebook, Microsoft Corporation, Alphabet.
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The new king of Wall Street recognized and bought into the sustainable investing ethos long ago and is now looking to take its sustainable portfolio from $90 billion to more than a trillion dollars.
But not everyone saw this shift to ESG (environmental, social, and governance) investing coming. In fact, some of the biggest tech giants in the world seemed to entirely ignore it. Uber, for example, is not a sustainable investment. It burns through gasoline as fast as it burns through cash and doesn’t even turn a profit.
Companies like Uber are at risk to be overshadowed by new entrants, such as Canadian startup Facedrive (FD,FDVRF) – the first and only ride-sharing platform to offer both EVs and an opportunity to plant trees as you ride.
Not only is Facedrive’s central business sustainable, but it also constantly engages with major societal issues. Most recently, it developed a new technology – TraceSCAN – to help mitigate the spread of the COVID-19 virus. This tech is already in process of being adopted by the 130,000 Canadian members of The Labourers’ International Union of North America and Facedrive is in talks with several other companies and government agencies about implementing its tech as Canadians return to the workplace.
From Blackrock to Facedrive, it is clear that the ESG investment megatrend is already well and truly underway. And when the dust settles on this global pandemic, it will be the companies that reflect this new global norm that will likely benefit most.
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