Climate change is a huge business opportunity for startups, Fink says.

Speaking at the Middle East Green Initiative Summit in Riyadh, Saudi Arabia, Larry Fink, the CEO and Chairman of Blackrock (NYSE: BLK), said he expected the next 1,000 unicorns (startups valued over $1 billion) to emerge from climate tech areas such as green hydrogen, green agriculture, green steel, and green cement. (CNBC)

Climate change has massive potential for profitable new ventures, Fink said, because of the immense changes it will impose on virtually every facet of life.

Reinventing human life as we know it

“Getting to net zero carbon emissions by 2050 is going to require a revolution in the production of everything we produce, and a revolution in everything we consume. The process of creating fuel, food and construction materials, with all the needs that we have as humanity, it all has to be reinvented,” Fink said. “And that’s going to require a large amount of investment, a large amount of ingenuity and a large amount of innovation.”

So there would potentially be rich pickings for innovative products and services that address the needs emanating from climate change.

And founders are unlikely to face a dearth of capital. According to Fink, investors are eager to put their money to work in climate technology.

“As an asset manager at the nexus between owners of capital and companies and assets we invest in on behalf of them, we see this playing out every day,” Fink said. “Asset owners are looking for investment opportunities that will come from this historic transition to net zero.”

Lowercarbon Capital raised $800M for climate tech

In August, Chris Sacca’s Lowercarbon Capital announced that it raised $800 million “in fiat, to keep unf**king the planet,” with the money rolling in within just a few days of starting the raise.

The money will launch four new climate tech funds.

“There has never been a better time to start a company focused on emissions reduction or actively removing carbon already in the atmosphere,” Sacca wrote in Cash Cools Everything Around Me, a blog announcing the raise. “The total addressable markets are literally the biggest in history and we have no doubt that multitrillion-dollar market caps are just up ahead.”

Related Story: Venture Capitalist Chris Sacca Raises $800M For Climate Funds