Photo Stefan WermuthLarry Fink has spent decades shaping BlackRock into the world’s largest asset manager, earning a reputation as a leading voice in global finance. In more recent years, he became known for championing diversity, equity, and inclusion (DEI) and environmental, social, and governance (ESG) investing and encouraging companies to embrace broader stakeholder responsibilities.
But in his 2025 letter to investors, Mr. Fink sets those themes aside. The letter makes no mention of “climate change,” “net zero,” “ESG,” or “diversity.” Even references to “sustainability” and “stakeholder capitalism”—once central to his messaging—are absent.
Instead, Mr. Fink focuses on economic growth, infrastructure, and the democratization of access to capital markets. He advocates for “baby bonds,” government-seeded investment accounts for children, as a means of encouraging long-term savings and expanding participation in financial markets. He also highlights private credit, infrastructure investment, and asset tokenization as key frontiers for BlackRock’s growth.
“We need to build more,” he writes. “More housing. More energy. More infrastructure.”
The shift in tone comes amid intensifying political scrutiny. Over the past two years, BlackRock has faced pushback from Republican lawmakers and state officials who allege that the firm used its influence to promote progressive policy goals. Several red states have pulled public pension money from BlackRock, citing its ESG agenda. Mr. Fink’s latest letter appears to reflect a response to this backlash.
Unlike in prior years, the 2025 letter does not frame climate risk as an investment risk. There are no calls for racial equity or corporate board diversity. While Mr. Fink continues to speak of expanding access to markets, he does so in purely financial terms, sidestepping the social and political language that once made BlackRock a frequent target in partisan debates.
