Louisiana Treasurer John Schroder sent a letter to BlackRock CEO Larry Fink explaining that Louisiana is withdrawing its funds from Blackrock.
The Pelican State is pulling $794 million out of BlackRock’s funds – the state has already withdrawn $560 million of it.
The reasoning was BlackRock’s support for “blatantly anti-fossil fuel policies” that “would destroy Louisiana’s economy” according to the letter.
BlackRock and several other major financial institutions have spearheaded an effort to promote ESG standards over the last several years.
It is a chief pillar of the ESG movement is to utilize publicly-traded funds to incentivize a “net-zero” transition from fossil fuels to clean energy alternatives like wind and solar.
The controversial globalist group, The World Economic Forum, insists that all businesses should join them.
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“Louisiana Treasurer John Schroder penned a letter to BlackRock CEO Larry Fink, explaining the state would liquidate all BlackRock investments within three months and, over a period of time, divest nearly $800 million from the bank’s money market funds, mutual funds or exchange-traded funds. The state treasurer blasted Fink’s pursuit of so-called environmental, social and governance (ESG) standards that promote green energy over traditional fossil fuels.”
“Your blatantly anti-fossil fuel policies would destroy Louisiana’s economy,” Schroder wrote to Fink in the letter first obtained by FOX Business.
“This divestment is necessary to protect Louisiana from actions and policies that would actively seek to hamstring our fossil fuel sector. In my opinion, your support of ESG investing is inconsistent with the best economic interests and values of Louisiana,” he continued. “I cannot support an institution that would deny our state the benefit of one of its most robust assets,” Fox added.
Louisiana will pull $794 million out of BlackRock Inc’s funds, state Treasurer John Schroder said on Wednesday, citing the asset management giant’s push to embrace environmental, social and governance (ESG) investment strategies.
This is the largest divestment from BlackRock by any state.
— Will Hild (@WillHild) October 5, 2022
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