(Bloomberg) -- Larry Fink’s promised “tectonic shift” in sustainable investing is well under way.

BlackRock Inc. now manages $509 billion in sustainable investments, more than double from a year ago, the chief executive officer told analysts Friday after the world’s biggest asset manager reported fourth-quarter results.

“Following a breakout in 2020, momentum in sustainable investments continued,” Fink said. “One of the biggest opportunities of this generation will be helping our clients navigate the transition to a net-zero economy.”

Europe, the Middle East and Africa accounted for almost two-thirds of flows, or $65 billion, into the products last year, Fink said, adding that money managers need to respond to sustainability concerns to win investment mandates in the region.

Fink, 69, has positioned BlackRock as a leading advocate of investing with environmental, social and governance goals in mind. At the beginning of each year, he uses letters to corporate bosses to encourage greater efforts to combat climate change and reduce carbon emissions. 

On Friday, Fink said there are big opportunities to invest in carbon sequestration and to work “side by side” with fossil-fuel companies to develop new technologies.

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