Kentucky Treasurer Warns Woke Energy Boycotting Companies

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 wellbeing of its citizens. Companies may also be investigated for using ESG to aid in investigations. “decarbonize” Kentucky is taking action to stop woke asset managers from buying shares in publicly traded utilities. This will help the global economy, and it will also alert companies that are refusing reliable and affordable energy. 

After the passage of the 2022 law, Ball’s office published a list listing companies that are actively involved in energy boycotts. This puts them on the path to divestment by Commonwealth. Tuesday’s notice marks the latest step in Ball’s opposition to ESG policies which put political aims above financial success.

“When companies boycott fossil fuels, they intentionally choke off the lifeblood of capital to Kentucky’s signature industries,” Treasurer Ball explains in a statement. “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,” Ball warned. 

According to Treasurer Ball’s office, Kentucky’s energy sector accounts for 7.8 percent of the total state employment or almost 144,000 jobs. It also generates close to 95 percent the Bluegrass State’s electricity, which is used by nearly half of Bluegrass State residents to heat their homes. The Office of the Treasurer said that Kentucky has the 12th lowest average electricity prices in the United States. 

The most recent version list The following was the basis for the list of energy boycotting companies “careful review of publicly available statements and commitments made by the companies” This 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.

These institutions are now being looked at “Restricted Financial Institutions” Kentucky law now gives state government entities thirty days to inform Treasurer Ball’s office about any direct or indirect holdings of the government. They must also submit a written notice advising the restricted institution. The restricted institution must cease its energy boycott within 90 calendar days to avoid being subject to divestment.

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