A handful of US states have pulled billions of dollars from BlackRock funds over accusations of "greenwashing," hurting the fossil fuel industry and turbocharging America's "woke" culture.

On Tuesday, BlackRock's Larry Fink told Bloomberg TV at the World Economic Forum in Davos that ESG investing has been tarnished:

 "Let's be clear, the narrative is ugly, the narrative is creating this huge polarization. "

Fink continued:

"We are trying to address the misconceptions. It's hard because it's not business any more, they're doing it in a personal way. And for the first time in my professional career, attacks are now personal. They're trying to demonize the issues."