Yes! Elections do have consequences. Just ask the 11,000 Keystone pipeline workers. 2.2 billion dollars taken out of the payroll from these workers. That was just Day One of the Biden's administration.
In countries with dictators, where human rights are often violated, the aspect of revenge is sought against those who voted for the opposition. You may lose your job because you belong the opposition parties. For those who supported the party, they may get an appointment , maybe to be an ambassador. Government contracts may go to companies that supported the party in power. Someone may be appointed because they belong to a certain gender, race or religion just so the party in power may procure votes. Should the rights of the individual be the paramount concern and we should strive for limited government.
In Louisiana, the state is heavily depended on their energy industry. 8.1% of the state's GDP is from energy. Louisiana drills the second-most oil and third-most natural gas in the nation, according to the Energy Information Administration.
BlackRock was utilizing publicly-traded funds to incentivize a "net-zero" transition from fossil fuels to clean energy alternatives like wind and solar. BlackRock sent a letter to 19 Republican attorneys general in September.
"We are disturbed by the emerging trend of political initiatives that sacrifice pension plans’ access to high-quality investments – and thereby jeopardize pensioners’ financial returns," the firm wrote to the state officials on Sept. 7.
Louisiana Treasurer John Schroder explained why he was divesting 800 million dollars from BlackRock Bank.
"This divestment is necessary to protect Louisiana from actions and policies that would actively seek to hamstring our fossil fuel sector. In my opinion, your support of ESG investing is inconsistent with the best economic interests and values of Louisiana. I cannot support an institution that would deny our state the benefit of one of its most robust assets. Simply put, we cannot be party to the crippling of our own economy."
There you have both sides. The bank believes it is making wise investments for its clients and protecting the state. They believe to do otherwise is a political decision. They also believe that Republican States are going against Woke institutions.
The State sees it as a Woke institution that is willing to destroy the State with its own monies.