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BlackRock's Climate Pledge Fizzles as ESG Funds Dwindle

1/20/2026

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Summary

Story summary

Larry Fink, CEO of BlackRock, announced in January 2020 that the firm would use its assets to combat climate change.
His remarks at the World Economic Forum sparked a movement.
Many financial institutions committed to reducing emissions and supporting clean energy through ESG factors.
By 2026, the Net-Zero Banking Alliance has largely disbanded.
Investors have pulled billions from ESG funds.

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Story summary

Larry Fink, CEO of BlackRock, announced in January 2020 that the firm would use its assets to combat climate change.
His remarks at the World Economic Forum sparked a movement.
Many financial institutions committed to reducing emissions and supporting clean energy through ESG factors.
By 2026, the Net-Zero Banking Alliance has largely disbanded.
Investors have pulled billions from ESG funds.