It’s nice of Louisiana treasurer John Schroder to make it absolutely clear that the decision to stop doing business with BlackRock is based not on what is best for pension plan beneficiaries, as required by his obligation as a fiduciary, but on his insistence that the financial firm subsidize local businesses, thus admitting exactly what ESG analysis shows: those businesses are not economically sustainable in a free market.

Louisiana treasurer John Schroder said Wednesday he would pull $794 million of state money from BlackRock Inc. funds, citing the asset manager’s support for environmental, social and governance investing.

In a letter to BlackRock CEO Larry Fink, Mr. Schroder said the firm’s focus on ESG investing is inconsistent with the state’s economic interests and values.“Your blatantly anti-fossil fuel policies would destroy Louisiana’s economy,” Mr. Schroder wrote.

Louisiana To Pull Out Of BlackRock, Citing Its ESG Investing