Ignoring Climate Will Cost 25% of Global GDP, BlackRock’s Hildebrand Says

Ignoring the impacts of climate change may cost the global economy 25% of gross domestic product over the next couple of decades, said Philipp Hildebrand, BlackRock Inc.’s vice chairman.

The transition to a low-carbon economy is the most “significant reallocation of capital in history,” Hildebrand said today on a conference panel organized by the United Nations-backed Principles for Responsible Investment.