Larry Fink, BlackRock’s CEO explained that he won’t mention ‘ESG’ anymore because ‘It’s been weaponized by left and right’ Fink said BlackRock balances investments in both green and ‘traditional’ energy.
Fink went on to say many BlackRock investments include what he called interests involved in “traditional” energy and power, adding that it is important to balance both those and renewable sources in BlackRock’s portfolio.
He pointed to Texas as an example of how both can work together, saying the Lone Star State leads the nation in both renewable and fossil fuel energy production.
According to the WSJ: Step Aside, ESG. BlackRock Is Doing ‘Transition Investing’ Now.
Now, it seems that the world’s largest asset manager has adopted “transition investing” to describe investments formerly described as ESG. BlackRock’s rebranding is aimed at appeasing states like Texas, which banned state funds from “ESG” investing.
