BlackRock CEO Larry Fink, a leading proponent of climate-conscious investing known as ESG, is retreating from the use of the term — but not the financial strategy.
The leader of the behemoth investment firm, with more than $9 trillion in assets under management, blamed political extremes on both sides of the aisle for twisting the meaning of ESG, or environment, social and corporate governance investing.
He went on to say: “I’m not going to use the word ESG because it’s been misused by the far left and the far right.”“I never said I was ashamed,” Mr. Fink said. “I’m not ashamed. I do believe in conscientious capitalism.” But while casting aside the term “ESG,” Mr. Fink did not say he intends to abandon the strategy that in 2022 alone cost his firm more than $4 billion from Republican-led states divesting public funds, mostly in the form of pensions.“When I write these [investment] letters, it was never meant to be a political statement,” Mr. Fink said. “They were written to identify long-term issues to our long-term investors.
BlackRock’s board of directors earlier this year voted down two climate-related proposals from shareholders that would have required more detailed environmental financial reports.
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