BlackRock CEO swears off term 'ESG' as MAGA Republicans slam investment powerhouse for 'woke capitalism'
For decades, Republicans slammed liberals and progressives for their criticisms of Corporate America — arguing that large corporations and the ultra-wealthy were job creators. "Are you going to get a job from a rich guy or a poor guy?" was a ubiquitous GOP talking point.
But that was before Donald Trump's presidency and the MAGA movement. These days, far-right Republicans ranging from Florida Gov. Ron DeSantis to Sen. Ted Cruz (R-Texas) angrily rail against "woke capitalism."
One of the MAGA movement's corporate targets has been the New York City-based asset management giant BlackRock, whose CEO, Larry Fink, has been encouraging investors to consider climate change in their investing decisions. And MAGA Republicans have responded by attacking BlackRock as "woke capitalism."
Now, Fink — who co-founded BlackRock in 1988 — is swearing off the term ESG, which is short for "environment, social and governance."
At the Aspen Ideas Festival in Colorado on Sunday, June 26, Fink told Axios, "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…. 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."
BlackRock, according to Axios reporter John Frank, presently "manages $9.2 trillion."
During the interview with Axios, Fink didn't say that BlackRock would avoid addressing climate change with investors — only that he won't be using the term ESG going forward.
Fink told Axios, "We talk a lot about decarbonization, we talk a lot about governance.… or social issues, if that's something we need to addressed."
READ MORE: How fossil fuel lobbyists are pushing the right-wing campaign against 'woke capitalism': report
Axios' full report is available at this link.
