Louisiana is dumping the investment tyrants of Black Rock. They will divest nearly $800 million in state funds by the end of the year from BlackRock over its pivot away from fossil fuel investments.
Republicans are moving away from “woke” investment principles based on environmental, social and governance issues, or ESG. They take into consideration climate and social factors beyond simply financial returns.
“Your blatantly anti-fossil fuel policies would destroy Louisiana’s economy,” Louisiana State Treasurer John Schroder, a Republican, wrote in a letter to BlackRock CEO Larry Fink. “This divestment is necessary to protect Louisiana from actions and policies that would actively seek to hamstring our fossil fuel sector.”
Louisiana is one of the top domestic oil and natural gas producers. Nearly one-quarter of the state’s gross domestic product is tied to the industry, according to an analysis commissioned last year by industry lobbying firm American Petroleum Institute.
BlackRock is forcing ESG into all investments, and the Feds are now running a pilot program to make ESG integral to the stock market.
The Federal Reserve has taken a major step in the direction of facilitating an ESG compliant monetary network that effectively acts as a parallel system to that of the Chinese Communist Party’s infamous social credit scoring system.
“Six of the nation’s largest banks will participate in a pilot climate scenario analysis exercise designed to enhance the ability of supervisors and firms to measure and manage climate-related financial risks. Scenario analysis—in which the resilience of financial institutions is assessed under different hypothetical climate scenarios—is an emerging tool to assess climate-related financial risks, and there will be no capital or supervisory implications from the pilot.”
The Fed is working with the big banks to see how well they can fit into the elites’ enviro-technocratic feudal system.
“The move is significant for a central bank that has often lagged behind its global peers when it comes to talking about and coming up with a plan for policing risks related to climate change.” By @jeannasmialek
— Somini Sengupta🥭 (@SominiSengupta) September 29, 2022