Kentucky Threatens to Divest from Left-Wing ESG Companies

Kentucky’s state treasurer has issued a warning to financial firms who boycott energy companies. The state will not divest from these firms unless the policies are reversed.

Treasurer Allison Ball (R.), Tuesday published Here is a list with 11 firms that are boycotting energy companies. These firms have 90 days to stop boycotting energy companies after being notified. Or, the state will direct its government agencies to sell their holdings to the firms.

Kentucky is the latest to threaten the divestment of companies who pursue ESG policies. This compels the firms to boycott those companies they feel are not adequately committed to increasing diversity and protecting the environment. States like Florida And Arizona They have instructed their asset managers not to invest in these companies.

“When companies boycott fossil fuels, they intentionally choke off the lifeblood of capital to Kentucky’s signature industries,” Ball stated. “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.”

BlackRock, Citigroup, JPMorgan Chase were just a few of the financial companies that Kentucky listed on Tuesday. In August, a coalition of 19 Republican attorney generals warned BlackRock said that the company ran the risk of violating the law because it used its ESG policies to favor left-wing causes rather than shareholder returns.