BlackRock Was Toxic for ESG, But It’s Far From Dead: Nir Kaissar

Environmental, social and governance investing, mocked and criticized relentlessly in the years following the Covid pandemic, has receded from view. But it’s still widely used, and its adoption will rightly continue to grow, no matter how much its critics dislike it.

BlackRock Inc. was reminded of that recently when Dutch pension fund PME ended its relationship with the world’s biggest money manager, partly because PME determined that the two were no longer aligned on climate risk. A breakup of that sort isn’t terribly unusual — no money manager retains all its clients forever, and not even BlackRock, which manages $13.5 trillion ...