by Jack McEvoy at Daily Caller
Republican state treasurers are withdrawing $1 billion in assets from BlackRock’s control due to the asset manager’s alleged boycott of the fossil fuel industry, according to the Financial Times.
Republican South Carolina State Treasurer Curtis Loftus is pulling $200 million from BlackRock by the end of 2022, and Louisiana treasurer John Schroder said on Oct. 5 that he is divesting $794 million from the company, according to the FT. Utah treasurer Marlo Oaks said he removed $100 million in funds from BlackRock’s control, and Arkansas treasurer Dennis Milligan pulled $125 million from the company in March. (RELATED: BlackRock Scrambles To Clarify Stance On Climate-Focused Investing)
The treasurers are removing state funds from BlackRock as they believe that the investment firm, which manages roughly $8.5 trillion worth of assets, is placing its climate agenda above its responsibility to its shareholders, according to the FT. BlackRock CEO Larry Fink has previously pushed companies to reduce carbon emissions and invest in green energy.
BlackRock is also committed to helping the world reach “net-zero emissions” by 2050 as the company seeks to minimize “investment risk” that could be caused by climate change, according to its website. South Carolina prevented BlackRock from managing a $41 billion fund because of concerns about its environmental, social and governance (ESG) policies, Loftis told the FT.
“So much of it does not help the people it is supposed to help,” Loftis said of …Continue Reading