Fri Oct 7, 2022 – 6:35 pm EDT
(LifeSiteNews) – Louisiana is pulling $794 million in treasury funds from the asset management behemoth BlackRock over its woke “green energy” priorities.
“Your blatantly anti-fossil fuel policies would destroy Louisiana’s economy,” the state’s treasurer, John Schroder, wrote in a letter to BlackRock CEO Larry Fink, the Washington Times reported.
Schroder announced Wednesday that Louisiana had already withdrawn $560 million from BlackRock and that $794 million would be removed by the end of 2022.
Louisiana’s treasurer has explained that BlackRock’s embrace of “net zero” Energy, Social, and Governance (ESG) investment strategies would harm the state’s oil and natural gas industry, which is tied to one-quarter of Louisiana’s gross domestic product, according to American Petroleum Institute.
Low-carbon or net-zero ESG standards are highly unfavorable to the oil and gas industry, since the industry’s operations “account for 9 percent of all human-made greenhouse-gas (GHG) emissions,” and it also produces the fuels that create another 33 percent of global emissions,” according to McKinsey and Company.
Accordingly, Schroder argued that “mandates” being called for by BlackRock would “cripple” the state’s energy sector.
“I refuse to spend a penny of Treasury funds with a
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