{"id":1793941,"date":"2023-01-03T13:49:11","date_gmt":"2023-01-03T18:49:11","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1793941"},"modified":"2023-01-03T13:50:39","modified_gmt":"2023-01-03T18:50:39","slug":"kentucky-treasurer-sanctions-blackrock-and-other-companies-engaged-in-ideological-boycotts-against-energy-sector","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/kentucky-treasurer-sanctions-blackrock-and-other-companies-engaged-in-ideological-boycotts-against-energy-sector\/","title":{"rendered":"Kentucky Treasurer Sanctions BlackRock and Other Companies Involved in \u2018Ideological\u2019 Boycotts of the Energy Sector"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fkentucky-treasurer-sanctions-blackrock-and-other-companies-engaged-in-ideological-boycotts-against-energy-sector%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1793941&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p><a href=\"http:\/\/dailywire.com\/topic\/kentucky\" target=\"_blank\" rel=\"noopener\">Kentucky<\/a> Allison Ball, the State Treasurer, published a listing of <a href=\"http:\/\/dailywire.com\/topic\/banks\" target=\"_blank\" rel=\"noopener\">financial institutions<\/a> Currently, the commonwealth is boycotting energy companies and required that they be divested from them.<\/p>\n<p>This is the latest attempt by conservative states to distance themselves form companies involved in the corporate governance, environmental, social and corporate governance movements, also known as <a href=\"http:\/\/dailywire.com\/topic\/esg\" target=\"_blank\" rel=\"noopener\">ESG<\/a>Concerns that the approach mixed profits with political and social causes led to their resignation. Ball listed 11 asset management firms and investment banks, <a href=\"http:\/\/dailywire.com\/topic\/blackrock\" target=\"_blank\" rel=\"noopener\">BlackRock<\/a>  <a href=\"https:\/\/www.dailywire.com\/topic\/jp-morgan\" target=\"_blank\" rel=\"noopener\">JPMorgan Chase<\/a>As \u201cRestricted Financial Institutions\u201d In a notice that was seen by The Daily Wire.<\/p>\n<p>\u201cWhen companies boycott fossil fuels, they intentionally choke off the lifeblood of capital to Kentucky\u2019s signature industries,\u201d Ball stated in a <a href=\"https:\/\/www.kentucky.gov\/Pages\/Activity-stream.aspx?n=KentuckyStateTreasurer&#038;prId=101\" target=\"_blank\" rel=\"noopener\">press release<\/a>. \u201cTraditional 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.\u201d<\/p>\n<p>Ball must be notified within 30 days by all state governments of any holdings in these companies. To avoid divestment, identified companies must stop boycotting energy producers within 90-days. Ball also named Citigroup, Climate First Bank and Danske Bank as well as HSBC Nordea Bank and Schroders.<\/p>\n<p>Ball notifies her more than two months after she has left. <a href=\"https:\/\/www.dailywire.com\/news\/kentucky-officials-make-move-to-purge-woke-investing-from-the-state\" target=\"_blank\" rel=\"noopener\">authored a letter<\/a> alongside Kentucky Attorney General Daniel Cameron asking the commonwealth\u2019s public pension systems to advise their offices about \u201cefforts to ensure that ESG considerations are not being implemented in your systems\u2019 investment decisions.\u201d<\/p>\n<p>According to the U.S. Coal Production Index, Kentucky is ranked seventh. <a href=\"https:\/\/www.eia.gov\/state\/analysis.php?sid=KY\" target=\"_blank\" rel=\"noopener\">data<\/a> The Department of Energy and low electricity prices have helped to attract manufacturing to the commonwealth. Beverage waste from the state\u2019s distilleries is often used in ethanol production.<\/p>\n<p>Many banks and asset managers have joined alliances that push portfolio companies towards zero carbon emissions. BlackRock is a participant in alliances. \u201cvoting action on climate issues\u201d A stewardship agreement was signed against dozens upon dozens of portfolio businesses <a href=\"https:\/\/www.blackrock.com\/corporate\/literature\/publication\/our-commitment-to-sustainability-full-report.pdf\" target=\"_blank\" rel=\"noopener\">report<\/a> Publication two years ago. The company is now a <a href=\"https:\/\/www.dailywire.com\/news\/blackrock-executive-grilled-by-texas-lawmakers-over-esg-and-climate-agendas\" target=\"_blank\" rel=\"noopener\">member<\/a> Climate Action 100+ &#038; similar associations<\/p>\n<p>State officials recently called on the Federal Energy Regulatory Commission to prohibit Vanguard, another prominent asset management company, from purchasing shares in publicly traded utilities out of a concern that the firm\u2019s climate activism will raise prices and decrease energy reliability. Vanguard was later banned. <a href=\"https:\/\/www.dailywire.com\/news\/vanguard-drops-out-of-climate-initiative-as-reaction-against-woke-investing-continues\" target=\"_blank\" rel=\"noopener\">ceased participation<\/a> Companies are eligible to participate in the Net Zero Asset Managers Initiative. <a href=\"https:\/\/www.netzeroassetmanagers.org\/\" target=\"_blank\" rel=\"noopener\">commit<\/a> To search \u201cnet zero greenhouse gas emissions by 2050 or sooner\u201d Investing in funds<\/p>\n<p>Republican state officials <a href=\"https:\/\/www.dailywire.com\/news\/states-have-pulled-nearly-12-billion-from-blackrock-this-year\" target=\"_blank\" rel=\"noopener\">pulled<\/a> BlackRock received approximately $12 billion in BlackRock&#8217;s last year, which represents a fraction of the estimated $8 trillion <a href=\"https:\/\/s24.q4cdn.com\/856567660\/files\/doc_financials\/2022\/Q3\/BLK-3Q22-Earnings-Release.pdf\" target=\"_blank\" rel=\"noopener\">managed<\/a> as the wider market reacts against the ESG movement. Officials expressed concern that ESG movements could cause difficulties for energy companies looking to raise capital.<\/p>\n<p>\u201cTreasurer Ball takes another bold step today in defense of her state\u2019s financial future by putting banks on notice that boycotts of American energy won\u2019t be tolerated,\u201d State Financial Officers\u2019 Foundation CEO Derek Kreifels remarked in a statement provided to The Daily Wire. \u201cShe and other state financial officers across the country are leading the movement to ensure that money earned by hardworking American families is used in accordance with their values, not weaponized against them.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kentucky State Treasurer Allison Ball published a list of financial institutions currently boycotting energy companies and required that agencies in the commonwealth divest from the firms. The move is the latest effort among conservative states to distance themselves from companies involved in the environmental, social, and corporate governance movement, also known as ESG, over concerns &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1793944,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[13075,7002,13077,6997,6202,4486,7445,12830,5036,12368,6434,6195],"class_list":["post-1793941","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-ideological","tag-blackrock","tag-boycotts","tag-companies","tag-daily","tag-energy","tag-involved","tag-kentucky","tag-sanctions","tag-sector","tag-treasurer","tag-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1793941","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1793941"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1793941\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1793944"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1793941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1793941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1793941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}