Tag: Marlo Oaks

Republican Treasurers Pull $1 Billion from BlackRock over Alleged Anti-Fossil Fuel Policies

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exterior of BlackRock

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.

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Green Activists Are Using Business, Bypassing Congress to End Fossil Fuels

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Without sufficient support in Congress and state legislatures to pass sweeping green energy measures, environmentalists are now targeting the oil and gas industry through a financial movement that pressures companies to support liberal policies, according to critics.

“ESG promotes and implements policies through private businesses that could be adopted through a legislative process,” said Utah Treasurer Marlo Oaks. “The Green New Deal didn’t make it through Congress, so its proponents shifted the battlefield to the capital markets.”

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