IN-DEPTH: States Fight ESG Industry, Despite Costs and Long Odds

Boycotts, bans, and antitrust actions are ‘being effective,’ state treasurers say

Florida Chief Financial Officer Jimmy Patronis speaks before introducing Florida Gov. Ron DeSantis during a rally for Florida Republicans at the Cheyenne Saloon in Orlando, Fla., on Nov. 7, 2022. Octavio Jones/Getty Images

As conservative states push back against the progressive agenda of Wall Street banks and asset managers, some analysts are warning that “anti-ESG” states will pay a price for taking on Wall Street and the ESG industry.

North Carolina State Treasurer Dale Folwell has enacted several measures, including calling on Larry Fink, CEO of BlackRock, the world’s largest asset manager, to resign over what Folwell says is the company’s excessive focus on controversial political causes.