BlackRock CEO Larry Fink said he would stop using the term “ESG” because of the politically charged environment that now surrounds it.
Fink, who has become a punching bag for the Right over his firm’s embrace of environmental, social, and governance principles, known as ESG, said on Sunday during the Aspen Ideas Festival that he doesn’t like being at the center of the debate over ESG, which has grown increasingly fierce over the past couple of years.“I’m ashamed of being part of this conversation,” Fink said, according to Axios.
Still, Fink said ESG as a concept has been “weaponized” and blamed the extremes from the Right and the Left for generating such an uproar. Fink has taken to writing an open investment letter each year that is considered a must-read for executives and business leaders. In 2020, he used his letter to focus on climate change, saying the matter was becoming a “defining factor” in BlackRock’s assessment of companies. That heralded a bit of a shift in the ESG movement and caused more companies to integrate climate considerations into their business models.
BlackRock hasn’t just faced rhetoric over ESG but has also been hit financially for its embrace of the concept. Several Republican-led states have peeled back their ties to the firm, which is the world’s largest money manager.
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