Kentucky Warns Financial Firms Over Energy’ boycott’: Kentucky has threatened to divest from almost a dozen financial institutions if they continue to boycott the oil and gas industry. According to a news release from the office of the Kentucky State Treasurer, “When firms boycott fossil fuels, they purposely cut off the lifeblood of capital to Kentucky’s trademark industries.”
Traditional energy sources like coal and oil keep the lights on in Kentucky and warm families during the winter. The state of Kentucky must not let its most crucial industry suffer permanent harm due to the political whims of a minority.
Reuters reports that the Treasury has requested disclosure of all state agencies’ direct and indirect holdings in the 11 banks and financial services companies in preparation for divesting them if the corporation decides to boycott the oil and gas industry.
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The story claims that the Kentucky Treasury has set its sights on many financial institutions, including JP Morgan, Citi, and BlackRock.
The environmental, social, and governance (ESG) agendas of some states in the United States have put big financial institutions in direct conflict with the oil and gas sector. Texas has set the tone for the rest of the country as the first state to threaten the financial sector with a withdrawal of funds if it continues to ignore the oil and gas industry.
According to an August statement by the state comptroller, Glenn Hegar, “the environmental, social, and corporate governance (ESG) movement has produced an opaque and perverse system in which some financial companies no longer make decisions in the best interest of their shareholders or their clients.”
Even as activist shareholders and NGOs were challenging them to make even more ambitious net-zero pledges, including through the divestment and rejection of finance for the oil and gas business, banks denied any boycott of the fossil fuel industry. Follow Digitalnewsexpert.com for more updates.