Commentary I was amused to read the Annual Letter to CEOs from BlackRock’s Larry Fink, his yearly missive to companies in which the investment manager has a stake. Fink seems to marvel that “It’s been two years since I wrote that climate risk is investment risk. And in that short period, we have seen a tectonic shift of capital. Sustainable investments have now reached $4 trillion.” The pronouncement he cites from two years prior (February 2020) that triggered the “tectonic shift,” says: “The past year has seen a marked shift in society’s attitudes toward sustainability. This shift is spurring political pressure, a regulatory push and technological advancements to create the foundations of a more sustainable world, leading to a change in investor behavior and setting in motion a major yet gradual capital reallocation.” “Well, duh!” He caused it! Fink is a classic rent-seeker, and his estimated $9.5 trillion (with a …