Blasting BlackRock’s promotion of green energy as an economy killer, Louisiana Treasurer John Schroder informed CEO Larry Fink that the state planned to liquidate the company’s investments and divest nearly $800 million from its money market, mutual and exchange-traded funds.
“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,” Shroder said.
The treasurer said BlackRock’s investment in ESG – environmental, social and governance – “is inconsistent with the best economic interests and values of Louisiana.”
“I cannot support an institution that would deny our state the benefit of one of its most robust assets,” he continued.
“Simply put, we cannot be party to the crippling of our own economy.”
Ultimately, he said, BlackRock will “take food off tables, money out of pockets and jobs away from hardworking Louisianans.”
Oil is Louisiana’s largest sector, drilling the second-most oil and third-most natural gas in the nation, according to the Energy Information Administration. The primary objective of the ESG movement is push companies to a “net-zero” transition from oil to alternatives such as wind and solar.
But Will Hild, the executive director of Consumer’s Research, told FOX Business “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.”
“We are glad to see the Treasurer working to put an end to their economic vandalism.”
West Virginia led the way, in July, in punishing banks that pursue ESG standards. And, along with Louisiana, 11 other states told FOX Business are planning to take similar actions. Asked for comment, BlackRock pointed FOX Business to a letter it sent to 19 Republican attorneys general Sept. 7.
“We are disturbed by the emerging trend of political initiatives that sacrifice pension plans’ access to high-quality investments – and thereby jeopardize pensioners’ financial returns,” the firm wrote to the state officials on Sept. 7.
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