Former BlackRock sustainability executive says Wall Street green funds are ‘PR spin’

Sustainable investing incorporates so-called Environmental, Social, and Corporate Governance (ESG) principles into financial decisions; for example, how a corporation treats employees or what it’s doing to reduce pollution. He went on to be a principal at the Canada Pension Plan Investment Board before joining BlackRock in 2018 as CIO of sustainable investment. The statement continued: “In the last year, BlackRock has clearly stated that climate risk is investment risk and articulated the investment implications of other sustainability factors. While at BlackRock, Mr Fancy said he believed that the environmental impact of green investing was overblown but “harmless and aspirational”. In his 2021 letter to CEOs, he upped the ante by issuing a stark warning that “climate risk is investment risk”, and dubbed the climate transition “a historic investment opportunity”.