Tipsheet

BlackRock CEO Larry Fink Says He's 'Ashamed' of ESG

Spencer Brown
Spencer Brown  |  June 26, 2023 11:15 AM

In an apparent culture war victory for conservatives, BlackRock CEO Larry Fink said he's throwing in the towel on ESG — environmental, social and governance — policies, in name at least, as a result of effective pushback against attempts by large asset managers such as BlackRock to force the adoption of woke standards that wouldn't otherwise be achievable through the democratic process.

Fink, according to Axios, admitted that conservative efforts — many of which Townhall has covered from the likes of Will Hild, Andy Puzder, Consumers' Research, and the State Financial Officers Foundation — made him regret being associated with ESG. "I'm ashamed of being part of this conversation," he said. 

As such, Fink says he's "no longer using the term 'ESG' (environment, social and governance) because it is being politically 'weaponized.'" That is, Fink and BlackRock lost a large facet of the ESG battle in spectacular fashion and are giving up on the acronym, though attempts to use their power to achieve leftist aims are sure to continue under a different banner (more on that in a bit) that hasn't yet been made synonymous with going woke to the detriment of shareholders. 

Fink's comments came in remarks at the Aspen Ideas Festival, and included an admission that "Florida Gov. Ron DeSantis' decision to pull $2 billion in assets hurt [BlackRock]."  

Somewhat bizarrely, later in his conversation, Fink seemingly tried to walk back his sentiment about ESG:

Recommended

Matt Gaetz Withdraws Attorney General Nomination Matt Vespa
Why Again Do We Still Have a Special Relationship With the Tyrannical UK? Kurt Schlichter
  • "I never said I was ashamed," he said, incorrectly. "I'm not ashamed. I do believe in conscientious capitalism."
  • "I'm not going to use the word ESG because it's been misused by the far left and the far right," he added.

Ah, so "ESG" is out and "conscientious capitalism" is in as Fink's new label for using shareholder power and trillions in managed assets to require adherence to leftist ideology that includes, among other radical policies, forcing literally impossible "net-zero" standards.