In January 2020, Larry Fink emphasized climate change as critical to long-term corporate viability. This letter initiated a focus on ESG in corporate priorities. Major companies, influencing by BlackRock, pledged sustainability commitments. However, by 2025, the ESG consensus appears to falter, with firms such as BP and PepsiCo scaling back climate initiatives. Major banks are also reverting to fossil fuel investments, reflecting a retreat from previous pledges. Furthermore, Fink's subsequent letter does not even mention climate, which indicates a significant shift in corporate strategies regarding sustainability.
Larry Fink stated that "Climate change has become a defining factor in companies' long-term prospects" and emphasized a significant shift in investment strategies towards sustainability.
Yet, just five years later, the commitment to sustainability seems to be fading, with companies like BP and PepsiCo retracting their climate goals and pledges.
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