Larry Fink, chief executive officer of BlackRock Inc., at the World Economic Forum (WEF) in Davos, … More © 2025 Bloomberg Finance LP On March 31, BlackRock BLK 0.0% CEO Larry Fink released his annual Chairman’s Letter to Investors . After years of advocacy, in 2024, Fink began rolling back support of environmental, social, and governance as a priority. In 2025, ESG, sustainability, climate change, and DEI were notably absent as he pushed for more energy production and the expansion of nuclear power. Managing over $11.6 trillion in assets, BlackRock Inc. is the world’s largest asset manager, giving them a large voice in international policy and reactions from businesses. Larry Fink, BlackRock’s founder and CEO, was an early advocate for ESG and stakeholder capitalism, an approach to fiduciary duty that considers broader repercussions to the community and environment in making business decisions. However, conservatives took issue with climate policies and diversity, equity, and inclusion, especially as it relates to LGBTQ+ issues. As conservatives began pushing back on ESG in 2023, criticism of BlackRock and Fink quickly escalated. In response to the conservative backlash, Fink stated he will no longer be using the term ESG , as it had become too political. In the 2024 Chairman’s Letter to Investors , Fink avoided the phrase ESG, opting instead for the terms stakeholder capitalism, sustainable investing, or climate investing. However, none were mentioned in the 2025 letter, indicating a further separation from the issue. In the 2024 letter, Fink introduced a new term – energy pragmatism. Fink explained that there is a balance between “energy transition” to renewable energy as part of the global push to address climate change, and the need for “energy security” spurred by Russia’s invasion of Ukraine. By 2025, the the focus on energy shifted to the need […]