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Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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Republican States Could Pull $600B From Anti-Fossil Fuel Banks

A coalition of 15 Republican State Treasurers, Auditors, and Comptrollers of states representing over $600 billion in public assets – have recently said their states could potentially reduce future business with banks that cut off financing for oil, gas, and coal, West Virginia State Treasurer Riley Moore says.

The coalition “will begin considering whether financial institutions are engaged in boycotts of America’s traditional energy industries when awarding state banking contracts,” Moore said, announcing that the state treasurers had sent an open letter to the banking industry.

In the letter, the state officials say, “We are writing to notify you that we will be taking collective action in response to the ongoing and growing economic boycott of traditional energy production industries by U.S. financial institutions.”

“We cannot allow companies that have a stated goal of harming key industries or the economies of our states to then turn around and try to profit from our states’ finances,” Moore said in a statement.

“Woke capitalists and globalist actors have been using the guise of climate change to press for anti-American reforms that reduce our country’s competitiveness against hostile nations like Russia and China,” Moore added.

“While we understand that you may be under tremendous undue pressure from the Biden Administration, we are simply asking financial institutions to award financing based on an unbiased, non-political basis,” the officials say in their letter to the banking industry.

The Republican officials overseeing state finances are pushing back against the growing ESG trend in the banking industry to shun funding for the fossil fuel industry.

Banks worldwide and in the United States have announced in recent years restrictions to their financing not only for coal projects but also for some forms of oil and gas extraction amid heightened investor pressure to shun fossil fuels. In the United States, Goldman Sachs said in December 2019 that it would decline to finance new Arctic oil exploration and production and new thermal coal mine development or strip mining. Wells Fargo and JPMorgan have also said they will stop financing new oil and gas projects in the Arctic.  

By Tsvetana Paraskova for Oilprice.com

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Leave a comment
  • LaVerle Sutton on December 02 2021 said:
    Thank you , thank you, thank you!
  • One Second on December 03 2021 said:
    Men made climate change will utterly collapse the world economy if left unchecked. So of course the banks are acting accordingly to their business interest, which is not to destroy the world economy. That is not political, that is just common sense. The physics of the atmosphere aka reality just don't care about your feelings.
  • Dan Scott on December 03 2021 said:
    Good start! $600 B is a lot of capital. Suggest adding to the ESG criteria the banks that discriminate against free speech and the Second Amendment. Protect your industries and the individual rights of your citizens.
  • William Silva on December 04 2021 said:
    So much for the Republicans belief in free markets. It seems they only use that language when their world views are benefit from it. They're willing to fight renewable energy every step of the way while giving fossil fuel companies 1/2 a trillion dollars in subsidies every year. Now they want banks to fund fossil fuels even if the bank recognizes them as a potential stranded asset. But what more would you expect from a political party that believes they don't need to follow the same rules as everybody else 'cause they're so special.
  • David Coleman on December 12 2021 said:
    Re: List of Banks Discriminating against the Fossil Fuel Use

    None of the new articles I've seen have listed the banks. I want to see a complete list of banks that are discriminating against fossil fuels.

    Anybody have one?

    Thanks,
    David Coleman

Leave a comment




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