{"id":2686063,"date":"2026-10-17T00:07:01","date_gmt":"2026-10-17T04:07:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/state-treasurers-stand-up-to-the-big-3-rating-agencies-for-punishing-oil-friendly-states-with-green-activist-esg\/"},"modified":"2026-10-17T00:14:26","modified_gmt":"2026-10-17T04:14:26","slug":"state-treasurers-stand-up-to-the-big-3-rating-agencies-for-punishing-oil-friendly-states-with-green-activist-esg","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/state-treasurers-stand-up-to-the-big-3-rating-agencies-for-punishing-oil-friendly-states-with-green-activist-esg\/","title":{"rendered":"State Treasurers Stand Up to the Big 3 Rating Agencies for Punishing Oil-Friendly States with Green-Activist ESG"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">34<\/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%2Fstate-treasurers-stand-up-to-the-big-3-rating-agencies-for-punishing-oil-friendly-states-with-green-activist-esg%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=2686063&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--><p>A group of 22 state financial officers from 17 states has raised concerns about the methods used by <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gop-ags-target-wall-street-big-3-for-punishing-companies-with-bad-credit-for-refusing-to-comply-with-woke-esg\/\" title=\"GOP AGs Target Wall Street Big 3 for Punishing Companies with Bad Credit for Refusing to Comply with Woke ...\">major credit rating agencies-<\/a>S&#038;P Global Ratings, Moody\u2019s, and Fitch Ratings-in determining credit scores. They allege these agencies are influenced by politically driven environmental, social, and governance (ESG) policies, which could negatively impact public finances by raising borrowing costs, affecting taxpayer money, public pensions, and investments in state pension systems. The officials criticize the agencies for relying on predictions about climate transition risks and physical risks-such as the move away from fossil fuels and climate change damages-that they believe are based on flawed or retracted research. They also point out inconsistencies, such as different ratings given to American versus Chinese energy companies, which they view as evidence of biased or politicized assessments. The letter requests explanations on how climate concerns influence ratings, the accuracy of previous rating changes, and potential conflicts of interest related to ESG commitments.The agencies have not responded to these allegations. Additionally, the officials express skepticism about certain climate-related studies and criticize the continued emphasis on climate risk in financial ratings, emphasizing a call for more objective, transparent financial analysis.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><br \/>\n<!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\"><br \/>\n<?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><html><body><\/p>\n<section> \t\t\t\t<script>console.log(\"ad slot (AC1)\")<\/script><script>console.log(\"ad slot (IC1)\")<\/script><script>console.log(\"ad slot (IC2)\")<\/script><script>console.log(\"ad slot (IC3)\")<\/script><script>console.log(\"ad slot (IC4)\")<\/script><\/p>\n<p>Twenty-two state financial officers demanded answers Wednesday from America\u2019s largest credit rating agencies over allegedly flawed environmental, social and governance (ESG) policies they warn could threaten taxpayer money, public pensions and state borrowing costs.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">The officials, representing 17 states, accused S&#038;P Global Ratings, Moody\u2019s and Fitch Ratings of allowing politically driven climate assumptions to influence credit decisions, according to a <a class=\"LexicalEditorTheme__link\" href=\"https:\/\/sfof.com\/wp-content\/uploads\/2026\/10\/Ratings-Agencies-ESG-Scoring-Letter.pdf\">letter<\/a> also sent to Securities and Exchange Commission (SEC) Chairman Paul Atkins.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">The dispute could carry financial consequences for taxpayers because lower credit ratings can increase government borrowing costs and affect investments held by state pension systems.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">\u201cRatings agencies\u2019 use of false ESG predictions harms States\u2019 credit ratings and stock holdings, threatening States\u2019 ability to pay for roads and schools, as well as pensions for police officers, firefighters, teachers and other employees,\u201d the officials wrote.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">S&#038;P Global Ratings, Moody\u2019s and Fitch Ratings did not respond to the Daily Caller News Foundation\u2019s requests for comment by the time of publication.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">The letter targets the agencies\u2019 use of \u201ctransition risk,\u201d which assesses the potential financial consequences of moving away from fossil fuels, and \u201cphysical risk,\u201d which considers economic damage associated with climate change.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">The officials argued that the agencies relied on predictions about declining fossil fuel demand, aggressive emissions restrictions and climate-related economic losses that failed to materialize or drew on subsequently retracted research.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">The National Oceanic and Atmospheric Administration\u2019s <a href=\"https:\/\/amzn.to\/3YuVZYV\" >billion-dollar disaster statistics faced criticism<\/a> in January 2024 for conflating rising economic losses with worsening weather.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">Critics argued that growing populations and increasingly valuable property in disaster-prone areas could drive higher damage totals without necessarily demonstrating that storms had become more severe. NOAA defended its methodology, claiming that increased exposure, vulnerability and climate change all contributed to rising losses.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">The officials cited S&#038;P\u2019s consideration of energy transition risks in credit outlooks for Alaska, New Mexico and Pennsylvania, along with Moody\u2019s environmental assessments of fossil-fuel-dependent states, including Louisiana and North Dakota.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">They also criticized S&#038;P for downgrading American oil and gas companies partly over climate-related concerns while affirming A+ ratings for two Chinese state-owned energy companies.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">\u201cThe very fact that so-called \u2018ESG risk\u2019 resulted in some American companies getting downgraded while Chinese state-owned companies received high ratings should be enough to discredit this absurd metric permanently,\u201d Consumers\u2019 Research Executive Director Will Hild told the DCNF.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">\u201cNo credit rating agency should base scores on ESG, period,\u201d Hild added.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">S&#038;P <a class=\"LexicalEditorTheme__link\" href=\"https:\/\/www.reuters.com\/sustainability\/sustainable-finance-reporting\/sp-global-drops-esg-alphanumeric-scale-2023-08-08\/\">discontinued<\/a> its alphanumeric ESG credit indicators in August 2023, although the decision did not eliminate consideration of financially material environmental, social and governance risks in its ratings analysis.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">Utah Treasurer Marlo Oaks, national chairman of the State Financial Officers Foundation (SFOF), acknowledged the change but argued that the underlying problem remained.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">\u201cRatings agencies continue to incorporate speculative \u2018transition risk\u2019 and \u2018physical risk\u2019 assumptions into credit decisions, potentially increasing borrowing costs and harming taxpayers based on politically contingent predictions that have failed to materialize or have been retracted,\u201d Oaks said in a statement provided to the DCNF.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">The officials also questioned the agencies\u2019 continued reliance on climate research, including a 2024 Nature <a class=\"LexicalEditorTheme__link\" href=\"https:\/\/www.nature.com\/articles\/s41586-024-07219-0\">study<\/a> projecting substantial economic losses from climate change that was retracted in December 2025 following challenges to its underlying data and methodology.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">\u201cS&#038;P, Moody\u2019s, and Fitch can be respected sources of objective financial analysis, or they can be activists for an outdated ideological agenda, but they cannot be both,\u201d SFOF CEO OJ Oleka told the DCNF.<\/p>\n<p class=\"LexicalEditorTheme__paragraph\">The letter demanded explanations of how climate risks influenced ratings, why previous negative credit actions have not been reversed and whether disputed research prompted methodological changes. It also questions Fitch\u2019s use of climate policy forecasts and whether ESG commitments by S&#038;P and Moody\u2019s created potential conflicts of interest.<\/p>\n<div class=\"disclaimer\">\n<p>All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter\u2019s byline and their DCNF affiliation. 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