Louisiana Treasurer John Schroder gives an on-camera address on March 25. (Louisiana Treasurer John Schroder/YouTube)
Louisiana Treasurer John Schroder said in a letter Wednesday to BlackRock Chief Executive Officer Larry Fink that they will be divesting $794 million due to their views on ESG.
Schroder claimed that their “blatantly anti-fossil fuel policies would destroy Louisiana’s economy” and that the state “cannot be party to the crippling of our own economy.”
$560 million of that has already been divested from BlackRock with the rest expected to be liquated by the end of the year.
“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.”
Schroder added that he refuses to spend a penny of state funds with a firm that will “take food off tables, money out of pockets and jobs away from hardworking Louisianans.”
The energy industry is the state’s largest sector, accounting for 8.1% of Louisiana’s total gross domestic product. Louisiana produces the second-most oil and third-most natural gas in the nation, according to the Energy Information Administration.
This is a major step forward and a major setback for promoters of ESG which will cripple the fossil fuel industry and the country as a result.
This news comes just months after West Virginia became the first state to punish banks that pursue ESG standards. At the time Louisiana, Texas, Kentucky, Oklahoma, Florida, South Carolina, Arizona, Idaho, Utah, Wyoming, Arkansas and North Dakota claimed that they were also prepared to take similar actions.
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