BlackRock (BLK  ) Chief Executive Officer Larry Fink addressed the need for corporations to address climate change in his annual letter to CEOs. Fink highlighted that the coronavirus pandemic, which has devastated both the economy and business operations as we once knew them, has forced us to examine how climate change will affect businesses moving forward - how it is an "existential crisis" on every level, a "stark reminder of our fragility."

In order to work against these climate changes, Fink believes that companies should be forced to plan how to eradicate greenhouse gas emissions by the year 2050. The letter also outlines that he aims for a "net zero economy" by this year.

"Because better sustainability disclosures are in companies as well as investors' own interests, I urge companies to move quickly to issue them rather than wait for regulators to impose them," Fink wrote.

Fink notes that corporate climate change efforts and shifts can be positive for the investor, with these transitions bringing vast investment opportunities. There are new issues that investors and corporations are becoming more aware of--the environmental, social, and governance factors behind how a business operates--and Fink believes that companies that do not adapt to these issues will ultimately be left behind in the long-term.

Fink also continues to add that it is highly significant for the future of BlackRock, which is the world's largest asset manager, to remold its investments, as well as to change its central focus to lean more toward sustainability. Fink is making it clear that he wishes for companies to clarify exactly how their business models will reflect a net-zero economy by setting an example with his own.

Fink also wrote a separate letter from BlackRock to the clients, which outlined how the asset manager will help investors identify companies leading the corporate climate change transition by using a "weighted scrutiny model" in its actively-managed portfolios.

This isn't the first time Fink has noted the corporate world's relationship with climate change. In his letter written last year, Fink stated that "climate change has become a defining factor in companies' long-term prospects," which will lead to a "fundamental reshaping of finance."

Fink believes that pandemic has brought to the forefront the idea of just how fragile the world can be. He sees hope that corporations can act prudently to shift their operations for the way the world is adapting forward, and has aligned his business with sustainability and climate change in mind.