Can capitalism save us from the climate crisis? In 2020 it seemed like the answer was “possibly.” That year, BlackRock CEO Larry Fink shook up the investment world in his annual letter to companies, in which he made climate change a major focus. In the letter, Fink wrote that "climate risk is investment risk," and that the world's largest asset manager would "place sustainability at the center of [its] investment approach."

This was a radical notion for investors focused on short-term profits. And it sent the message that CEOs needed to take climate change seriously if they wanted BlackRock’s clients’ money. For the next few years, ESG-oriented investing took off, with investors pouring $120 billion into the market by 2021. For a moment it seemed Wall Street would be part of the solution to the climate crisis, driving companies to decarbonize — if not to save the planet, to protect their own bottom lines.   

Then came a fierce backlash. Conservative think tanks and legislators funded by the oil and gas industry accused BlackRock and others of practicing “woke capitalism.” Today, more than 20 states have passed anti-ESG legislation and the phrase has been scrubbed from corporate messaging. Even Larry Fink won’t say it anymore.

In this “How We Survive” special, we investigate the rise and fall of climate conscious investing, the dark money behind the backlash, and we ask: Can we invest our way out of the climate crisis?