Louisiana Withdrawing $800M from BlackRock Over Blatantly Anti-Fossil Fuel Policies

Louisiana Treasurer John Schroder has blasted BlackRock for what he’s calling “blatantly anti-fossil fuel policies” that would “destroy Louisiana’s economy,” according to a letter he sent to CEO Larry Fink. The state will withdraw a total of $794 million from BlackRock’s funds and has already withdrawn $560 million as part of that effort.

BlackRock has recently promoted ESG standards, which include using publicly-traded funds to incentivize a transition from fossil fuels and polluting materials to clean energy options.

Schroder told Fink, “Your blatantly anti-fossil fuel policies would destroy Louisiana’s economy. This divestment is necessary to protect Louisiana from actions and policies that would actively seek to hamstring our fossil fuel sector.”

Schroder’s letter continued, “In my opinion, your support of ESG investing 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.”


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