Republican state officials have pulled approximately $11.7 billion from BlackRock since the beginning of 2022 in reaction to the asset management company’s commitment to the ESG movement, according to a Daily Wire analysis.

The divestments, constituting a drop in the bucket in comparison to the nearly $8 trillion managed by BlackRock, occur as market forces react against the investment philosophy, which argues that firms have a responsibility beyond maximizing profits for shareholders with respect to their environmental, social, and corporate governance commitments. …

Among other issues, officials in the conservative-leaning states expressed concern that the ESG movement may present obstacles to state pension funds and other entities seeking access to capital markets as ratings agencies downgrade bond ratings linked to cultural matters unrelated to financial health. ESG activists have pushed stockholders for companies such as Walmart and Lowe’s to consider abortion-related proposals ahead of the Supreme Court’s recent decision to overturn Roe v. Wade.

“Those decisions really have nothing to do with the underlying credit quality of a state government or of a corporation that is operating in that state,” Missouri State Treasurer Scott Fitzpatrick said during an interview with The Daily Wire earlier this year. “It’s going to drive up the cost for taxpayers in states that don’t subscribe to this ideology.”