"Stakeholder capitalism is not about politics. It is not a social or ideological agenda. It is not ‘woke’," he wrote in the letter, titled "The Power of Capitalism." "We focus on sustainability not because we’re environmentalists, but because we are capitalists and fiduciaries to our clients."<\/p>\n
Larry Fink, chief executive officer of\u00a0BlackRock Inc., speaks during a Bloomberg Television interview in New York on April 19, 2017.<\/span> (Christopher Goodney\/Bloomberg via Getty \/ Getty Images)<\/span><\/p>\n In his letter two years ago, Fink told CEOs that climate change will be a "defining factor in companies' long-term prospects," warning that "we are on the edge of a fundamental reshaping of finance." The message from BlackRock, which controls more than $10 trillion in assets, reverberated throughout the financial world with seismic force: Within weeks, Microsoft announced plans to be carbon-negative by 2030, while Salesforce backed an effort to plant 1 trillion trees by 2030 and Delta said it would take steps to become the first carbon-neutral airline. <\/p>\n But his public support for investment through environmental, social and governance practices and policies has drawn rebuke from both sides of the political aisle. Republicans have accused Fink of "woke posturing" in order to conceal BlackRock's investments in Chinese companies through U.S. pension funds. <\/p>\n BlackRock is the first foreign-owned, asset management company that has received approval from Chinese President Xi Jinping to start a mutual fund business in the country. Fink has said China will be one of the "biggest opportunities" for the investment giant over the long term, but has acknowledged the complicated relationship between Beijing and the U.S.<\/p>\n BlackRock offices in New York City. Founded in 1988, BlackRock Inc. is a U.S. multinational investment management corporation.<\/span> (Erik McGregor\/LightRocket via Getty Images \/ Getty Images)<\/span><\/p>\n At the same time, environmental groups have slammed Fink for not fully divesting from fossil fuels and have urged him to do more to combat climate change. <\/p>\n![](\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2021\/12\/931\/523\/GettyImages-670238452-1.jpg?ve=1&tl=1\")
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\n \nTicker<\/th>\n Security<\/th>\n Last<\/th>\n Change<\/th>\n Change %<\/th>\n<\/tr>\n<\/thead>\n \n BLK<\/td>\n BLACKROCK INC.<\/td>\n 826.13<\/td>\n -22.35<\/td>\n -2.63%<\/td>\n<\/tr>\n \n <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n ![](\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2021\/12\/931\/523\/BlackRockfirm.jpg?ve=1&tl=1\")
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