Florida governor Ron DeSantis has introduced legislation that blocks ESG investing for state pension funds.

The law means that Florida’s public or state controlled funds can no longer invest based on ESG factors and directs all Florida pension funds to prioritize returns. This comes after Indiana and Kansas have stopped state retirement funds from investing in ESG-related funds.

DeSantis says of the legislation, “We don’t want to have an economy in which these businesses are taking all these positions on political issues or using shareholder assets to advance an ideological agenda. We want them to act as fiduciaries. We do not want them engaged on these ideological joyrides.”

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