The ESG threat goes beyond BlackRock

larry finck can’t take a break. He is Chairman and CEO of black rock, the world’s largest investment manager, with $8.5 trillion in assets under management. In the battle over sustainable investing and the dissemination of environmental, social and governance policies on Wall Street, both sides are aiming for it.

Red state governors and Republican attorneys general — many from oil and gas-producing states — have attacked Mr. Fink as the industry’s leading spokesperson for ESG, which they consider as an elaborate cover for the climate change movement and a backdoor way to reduce carbon emissions by depriving the energy industry of investment capital. Using a shoot-the-messenger approach, 19 states have publicly called BlackRock to the rug when it comes to ESG. Texas and West Virginia are already beginning to reclaim state business from the company.