BlackRock boss Larry Fink, at the forefront of the business world's adoption of environmental, social and corporate governance (ESG) standards, has stopped using the term, saying it has become too politicized.
"I don't use the word ESG any more, because it's been entirely weaponised ... by the far left and weaponised by the far right," Fink said.
But he said dropping references to ESG would not change BlackRock's stance. The firm would continue to talk to companies it has stakes in about decarbonization, corporate governance and social issues to be addressed, he added. On the issue of climate change, BlackRock has sought to strike a balance, continuing to invest in fossil fuel companies while nudging them to adopt energy transition plans. It has projected
at least three quarters of its investments will be with issuers of securities that have scientific targets to cut greenhouse gas emissions on a net basis.that BlackRock had lost about $4 billion in managed assets as a result of the backlash against ESG, a tiny sliver of its $9 trillion under management. He reiterated at the Aspen conference that there had been no material impact on BlackRock's business.
"We had ... one of the best years ever, but I'm ashamed of being part of this conversation," said Fink, adding that his annual letters to investors that addressed ESG issues were never meant to be political statements.
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