Louisiana Hits BlackRock With Massive Multi-Million Dollar Divestment For ‘Blatantly Anti-Fossil Fuel Policies
Louisiana State Treasurer John Schroder announced his state will divest funds from the multi-trillion dollar investment firm, BlackRock, due to environmental, social and governance (ESG) policies some claim boycott the oil, gas and coal industries.
“Your blatantly anti-fossil fuel policies would destroy Louisiana’s economy,” Schroder said in a letter sent Wednesday to BlackRock CEO Larry Fink.
To avoid losing state money “to the detriment of our citizens,” the Louisiana Treasury will gradually divest funds from the financial firm, Schroder wrote. The Louisiana Treasury divested $560 million from BlackRock as of Wednesday.
“Once complete, this divestment will reflect $794 million no longer entangled in BlackRock money market funds, mutual funds or exchange-traded funds (ETFs) holdings,” –according to the letter.
Will Held, Executive Director of Consumer’s Research, an organization opposed to ESG, praised the Louisiana state treasurer for divesting from BlackRock.–
“As noted in his letter, BlackRock is using the people of Louisiana’s money to advance a destructive agenda that raises costs for consumers in the state and across the country,” Held told the Daily Caller. “The seeds of today’s energy crisis were planted by BlackRock and others in their reckless abandonment of their fiduciary duty to cozy up to radical, woke politicians.”
Derek Kreifels, CEO of the State Financial Officers Foundation, a group that works with state treasurers to enact policies they argue are more in line with American consumer interests, praised Schroder for joining other financial officers in penalizing financial firms which employ ESG investing.
“Louisiana’s divestment, the largest to date, follows similar actions by several states including Utah, West Virginia and Arkansas with more actions likely coming soon,” Kreifels told the Daily Caller.
Nineteen Republican attorneys general sent a letter to BlackRock in August demanding the firm account for placing ESG standards on states’ pension funds. The states included Arizona, Texas, Ohio and Montana.
https://dailycaller.com/2022/10/05/esg-louisiana-blackrock-divestment-fossil-fuel-economy-state-treasurer-schroder/