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Louisiana divests from BlackRock over ESG policies: 'Would destroy Louisiana’s economy'
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FIRST ON FOX: Louisiana informed mega bank BlackRock on Wednesday that it will divest from the firm's investment portfolio over its anti-fossil fuel policies.
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."
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