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Larry Fink says the next big start-up wave is in green energy.

In an annual letter to investors, Larry Fink, CEO of investment management company BlackRock, gave his thoughts on what the next big wave of start-up “Unicorns” will be. To clarify, a “unicorn” is a start-up company that reaches a $1 billion valuation before it goes public. In Fink’s opinion, the future is green energy.

“The next 1,000 unicorns won’t be search engines or social media companies, they’ll be sustainable, scalable innovators – startups that help the world decarbonize and make the energy transition affordable for all consumers,” Fink wrote.

“Engineers and scientists are working around the clock on how to decarbonize cement, steel, and plastics; shipping, trucking, and aviation; agriculture, energy, and construction. I believe the decarbonizing of the global economy is going to create the greatest investment opportunity of our lifetime.”

Sustainable technology sectors have received investments of approximately $4 trillion, and when combined with the general consensus of society that cleaner power is necessary to lessen the effects of climate change, it’s clear which way business is flowing.

Larry Fink says the next 1,000 unicorns will be green energy companies https://t.co/rSoocIyadz #CNBC #News #BreakingNews pic.twitter.com/7RRUkrEDyT

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“We focus on sustainability not because we’re environmentalists, but because we are capitalists and fiduciaries to our clients,” Fink wrote.

While Fink is confident that a green boom is coming, it likely will be a very slow, arduous process. Fossil fuels are still very much hardwired into the global economy, and even convincing their holders to phase them out, to say nothing of the actual phasing process, will take many years.

“It will not happen overnight. We need to pass through shades of brown to shades of green,” Fink writes.