h/t Carl – Will woke fossil fuel hating banks like BlackRock have to disclose the risk of being boycotted by GOP states on their SEC climate risk declarations?
Another State Puts Energy-Boycotting ESG-Loving Companies On Notice
WRITTEN BY SPENCER BROWN ON JAN 3, 2023
In the Commonwealth of Kentucky, GOP leaders are not messing around when it comes to woke ESG — environmental, social, and governance — policies that endanger the Bluegrass State’s economy and the well-being of its citizens.
In addition to joining investigations against companies over their use of ESG in attempts to “decarbonize” the global economy and fighting to keep woke asset management firms from scooping up shares of publicly traded utilities, Kentucky is putting the companies that boycott reliable and affordable energy on notice. [emphasis, links added]
On Tuesday, Kentucky State Treasurer Allison Ball named 11 such financial companies currently boycotting energy companies, following the passage of a 2022 law that directed Ball’s office to publish a list of companies actively engaged in energy boycotts, which then puts said companies on a path toward divestment by the Commonwealth.
The updated list of companies engaged in energy boycotts was based on a “careful review of publicly available statements and commitments made by the companies” and includes the following entities:
- BlackRock, Inc.
- BNP Paribas SA
- Citigroup Inc.
- Climate First Bank
- Dankse Bank A/S
- HSBC PLC
- JPMorgan Chase & Co.
- Nordea Bank ABP
- Schroders PLC
- Svenska Handelsbanken AB
- Swedbank AB.
So far at least the companies affected appear to be shrugging off these state legislature boycotts.
But upsetting regulators is never a good thing if you are a bank.
If banks ignore these warning signals, and continue upsetting GOP legislators with their anti-fossil fuel discrimination, next time they ask for a GFC financial bailout, say if the Chinese economy implodes and drags China exposed banks underwater, they might find nobody at the GOP controlled congress wants to answer their phone call.