BlackRock’s Larry Fink: climate policies are about profits, not being ‘woke’

BlackRock’s Larry Fink: climate policies are about profits, not being ‘woke’

Larry Fink, the chief executive of BlackRock, the world’s biggest investment fund manager, said pushing climate policies was about profits, not being “woke”.

In his annual letter to CEOs , Fink said businesses, cities and countries that do not plan for a carbon-free future risked being left behind. He argued that the pursuit of long-term returns was the main driver behind climate policies, after being criticised for seeking to influence companies.

“Stakeholder capitalism is not about politics. It is not a social or ideological agenda. It is not ‘woke’, he wrote. “We focus on sustainability not because we’re environmentalists, but because we are capitalists and fiduciaries to our clients.”