Louisiana Treasurer John Schroder informed BlackRock that his state would divest nearly $800 million from the firm's funds over its and ESG policies.
The treasurer noted in the letter that the state has already removed $560 million from BlackRock investments, a figure that will swell to $794 million by year's end under his agency's plan.
BlackRock and several other major financial institutions have spearheaded an effort to promote ESG standards over the last several years. 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.
BlackRock CEO Larry Fink speaks during a Bloomberg event at the World Economic Forum on Jan. 21, 2020.and groups like the State Financial Officers Foundation which have criticized ESG policies as anti-democratic and, in some cases, illegal. "Consumers' Research applauds Treasurer Schroder's commendable decision to withdraw the state's assets from BlackRock's misuse," Will Hild, the executive director of Consumer's Research, told FOX Business in a statement. "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.
"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," he continued. "We are glad to see the Treasurer working to put an end to their economic vandalism."In late July, West Virginia became the first state to punish banks that pursue ESG standards.
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