Larry Fink Says ESG Narrative Has Become Ugly, Personal

Highlighting something Fink said during the Dealbook interview this morning: $4 billion outflows from anti-ESG war, but $400 billion inflows. He said that the $400 billion says that investors believe in BlackRock’s voice. This was said after he’d talked about that you’re not going to get any business from Europe without doing work on decarbonization. To me this is Fink saying that they see what they’re doing on climate as adequate, and if the goal is to just keep inflows at that level, there’s not an incentive to go further. They’re doing enough to keep winning business. (Obviously we keep pushing and there’s more reason to do more, but I thought it was helpful insight into where their thinking is.)