Last week, BlackRock CEO Larry Fink made headlines for calling Republican presidential candidates “Pinocchios.” He hurled the schoolyard insult after a number of candidates called out the world’s largest asset manager for using client funds to push its environmental, social and governance (ESG) agenda during the Republican presidential debate.

“One candidate last night claimed that BlackRock was somehow deterring American energy companies from drilling for oil,” Fink wrote on Linked In, apparently baffled by the charge. “Another candidate accused BlackRock of pursuing an ideological agenda.” Neither is true, the BlackRock executive pleaded. It’s all part of a “misinformation” campaign.

But is it?

Let’s look at the facts. Under Larry Fink’s leadership, BlackRock supported a coup to replace three members of Exxon’s board of directors with climate activists from a group called Engine No. 1. The group’s goal? “[The] near elimination of conventional fossil fuels,” per a document accompanying its investor outreach. Exxon, of course, opposed the takeover. But with BlackRock’s backing, the group prevailed. Almost immediately, Exxon slashed its production targets by 25%, promising to keep oil output at two-decade lows through 2025. The climate group called the reductions an “early win.” Maybe Fink forgot?

But does that mean he forgot what happened at Chevron too? Chevron faced similar pressure to reduce its oil drilling, this time from a Dutch nonprofit called Follow This, whose goal is to “push Big Oil to go green.” To do so, the group submitted a shareholder proposal asking Chevron to cut its total greenhouse gas........

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