How an Organized Republican Effort Punishes Companies for Climate Action & More Trending News

 

Mr. Moore, the West Virginia state treasurer, coordinated a letter in November from 16 state treasurers and comptrollers to banks throughout the nation, threatening “collective action in response to the ongoing and growing economic boycott of traditional energy production industries by U.S. financial institutions.”

“It is our sincere hope that no financial institution will be rendered ineligible to provide banking services to our states,” the letter stated.

And in January, Mr. Moore pulled about $20 million out of a fund managed by BlackRock as a result of the agency has inspired different corporations to cut back emissions. BlackRock nonetheless manages a number of billion for West Virginia’s state retirement system. “We’re divesting from BlackRock because they’re divesting from us,” Mr. Moore stated in an interview.

In non-public, elected officers in conservative states have been much more blunt.

“These big banks are virtue signaling because they are woke,” Gary Howell, a West Virginia state consultant who sponsored a invoice that might blacklist corporations which have divested from fossil fuels, wrote in a Feb. 8 electronic mail to Mr. Moore. The message was obtained by Documented, a company watchdog group, beneath a Freedom of Information Act request. “They either shut up or get on the list, that is my goal,” he wrote.

Mr. Howell didn’t reply to a request for remark.

Idaho’s prime elected officers, together with the governor and the complete congressional delegation, despatched a letter final week to the chief govt of S&P Global, the scores company, objecting to the corporate’s use of ESG metrics in its rankings of states. “It is impossible for the State of Idaho not to conclude that S&P has adopted a politicized ratings system,” the Republicans wrote. Officials in different states, together with Utah, have despatched related letters.

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Curtis Loftis, the South Carolina state treasurer, emailed senior executives at JPMorgan on Sept. 1 and warned banks “to stay out of political culture wars and particularly abstain from the petty, ‘woke’ cancel culture.”

Mr. Fink of BlackRock has emerged as a most important goal of conservatives. Last June, BlackRock joined with Vanguard and State Street to assist an activist hedge fund, Engine No. 1, win three seats on the board of Exxon with the aim of pushing the power large to cut back its carbon footprint.

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