State of Kentucky threatens to divest anti-fossil fuel banks
The state's treasurer warned 11 banks, which includes Citigroup, JPMorgan Chase and BlackRock, to stop ‘boycotting’ fossil fuels, saying the companies are trying to ‘choke off the lifeblood of capital to Kentucky’s signature industries.’
According to The Hill, “Kentucky State Treasurer Allison Ball threatened to divest from 11 banks that have ‘boycotted’ energy companies in [a] press release published Tuesday.”
Ball said in the release:
When companies boycott fossil fuels, they intentionally choke off the lifeblood of capital to Kentucky’s signature industries.
Traditional energy sources fuel our Kentucky economy, provide much needed jobs, and warm our homes. Kentucky must not allow our signature industries to be irreparably damaged based upon the ideological whims of a select few.
Kentucky's state treasurer threatened that the state may divest from left-wing financial firms whose policies compel them to boycott energy companies that they perceive to be insufficiently dedicated to diversity or environmentalism.
— Washington Free Beacon (@FreeBeacon) January 4, 2023
Via @PhilipECaldwell https://t.co/gro5thUc4r
According to the Free Beacon, “Financial firms listed by Kentucky on Tuesday included BlackRock, Citigroup, and JPMorgan Chase. A coalition of 19 Republican attorneys general in August warned BlackRock that the company risked breaking the law through its ESG policies by prioritizing left-wing causes over shareholder returns.”
The energy sector represents 7.8% of total Kentucky state employment, according to the press release. The same release notes that fossil fuels account for for 94.5% of Kentucky’s electrical power generation, which heats more than half of Kentucky homes, “while boasting the 12th lowest average electricity prices in the nation.”
Both Florida and Arizona have also directed state asset managers to divest from the 11 firms listed by Kentucky.
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