Between the lines of BlackRock's debate rebuttal
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BlackRock boss Larry Fink's response to Republican criticism about his support for environmental social governance says a lot about the politics of ESG and the 2024 presidential race.
Driving the news: His Linkedin post responded to attacks on BlackRock in Wednesday's Republican presidential debate, rebutting assertions made about the investment giant's posture on oil and more.
- "The reality: BlackRock clients have more than $170 billion invested in American energy companies," he wrote.
- Fink also said that "another candidate accused BlackRock of pursuing an ideological agenda. The only agenda we have is delivering for our clients."
Quick take: Fink sees anti-ESG policies from the political right — which target his firm and others — gaining enough traction that he felt compelled to respond.
- His post also highlights BlackRock's nuanced public messaging on climate and ESG (a term Fink has ditched), even as it continues backing efforts like a huge new climate fund unveiled at COP28.
Catch up fast: GOP contender Vivek Ramaswamy claimed Fink — who he called the "king of the woke industrial complex, the ESG movement" — is backing ex-South Carolina governor Nikki Haley. Fink wrote that he hasn't endorsed anyone.
- Ramaswamy also, per the FT, accused Fink of "telling Exxon and Chevron they can't drill here."
- Florida Gov. Ron DeSantis boasted of steering state funds away from BlackRock.
- CNBC has more on how BlackRock surfaced and Fink's wider response.
The bottom line: Fink wrote that "I know why they call this the political silly season," but he appears to be taking attacks seriously.
