The CEO of one of the most profitable large corporations in the United States is backing off of his support of the left-wing ESG (Environmental and Social Governance) movement.
BlackRock CEO Larry Fink claimed that the term had been “weaponized” in a talk at Aspen Ideas Forum on Sunday, according to Axios.
Fink went on to admit that he was “ashamed” to be associated with the left-wing corporate movement.
“I’m ashamed of being part of this conversation.”
Fink claimed his previous rankings of businesses on ESG were meant to be apolitical.
“When I write these [investment] letters, it was never meant to be a political statement.”
“They were written to identify long-term issues to our long-term investors.”
BlackRock CEO Larry Fink admits DeSantis hurt his company when he pulled $2 billion in assets from the firm, and basically says he’s been bullied by DeSantis into being “ashamed” to be part of ESG political debate because the term has a negative connotation now. Amazing.… pic.twitter.com/MDWbBM0R4l
— Pedro L. Gonzalez (@emeriticus) June 26, 2023
In a bizarre twist, Fink went on to deny his own words subsequently in the Aspen Ideas talk.
“I never said I was ashamed.”
“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 said.
Fink has previously spoken in support of nominally private companies “forcing behaviors” as a social tactic.
REMINDER: @BlackRock CEO Larry Fink accidentally said the quiet part out loud, explaining the whole goal of ESG:
“You have to force behaviors and, at BlackRock, we’re forcing behaviors.”pic.twitter.com/zN61KAImZC
— Consumers’ Research (@ConsumersFirst) June 16, 2023
The ESG movement grades and sorts private businesses on the basis of their commitment to left-wing environmental ideology.
The metrics of the movement have been criticized — with Tesla CEO Elon Musk objecting to the S&P’s Global ESG rankings scoring his electric vehicle company lower than fossil fuel companies and even cigarette producers, according to the Daily Mail.
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BlackRock’s affiliation with the ESG movement has spurred disinvestment from the U.S. states of Florida, West Virginia and Texas.
BlackRock has been criticized for funding the corporate acquisition of an increasing share of the market for single-family homes in the United States, according to Fox News.
