BlackRock Faces More ESG Fallout as Louisiana Pulls $794 Million

Louisiana is pulling $794 million from BlackRock Inc. funds, saying the asset-management giant’s views on ESG investing are damaging to the state’s energy industry.

“Your blatantly anti-fossil fuel policies would destroy Louisiana’s economy,” Louisiana Treasurer John Schroder said in a letter Wednesday to BlackRock Chief Executive Officer Larry Fink. “Simply put, we cannot be party to the crippling of our own economy.”

Schroder said the assets would be liquidated by year-end and that his office has already divested $560 million from BlackRock money market, mutual and exchange-traded funds.

BlackRock had no immediate comment.

The move is part of a ...