But he said dropping references to ESG would not change the stance of the world’s largest asset manager.
The controversy has led to some Wall Street firms backing down on ESG commitments, with insurers abandoning a United Nations-backed climate alliance becoming the latest example last month. BlackRock has itself been the, and even an investment boycott in Texas.
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. BlackRock has sought to strike a balance, continuing to invest in fossil fuel companies while nudging them to adopt energy transition plans.Fink had said in January 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.
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