WASHINGTON (dpa-AFX) - BlackRock, Inc. (BLK) announced Thursday a definitive agreement to acquire and integrate Baringa Partners' Climate Change Scenario Model into BlackRock's Aladdin Climate technology. The financial terms of the deal were not disclosed.
The companies collaborate to set the standard for modelling the impacts of climate change and the transition to a low carbon economy on financial assets for investors, banks and other clients.
The companies said the new long-term partnership is a significant milestone for both firms.
In the deal, Baringa and BlackRock will bring together their expertise to develop climate risk models underpinning Aladdin Climate, as well as innovating other climate analytics solutions.
Through the partnership, Baringa will use the core Aladdin Climate capabilities as part of its growing global consulting work in advising financial services, governments, regulatory bodies, and clients across all sectors on climate risk and developing net zero strategies.
Sudhir Nair, Global Head of the Aladdin Business at BlackRock said, 'Investors and companies are increasingly recognising that climate risk presents investment risk. Through this partnership with Baringa, we are raising the industry bar for climate analytics and risk management tools, so clients can build and customise more sustainable portfolios.'
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