Today, The Two Mikes spoke with West Virginia State Treasurer Riley Moore who reported that the West VA legislature has passed a law that creates a “denied financial list” on which any financial institution that discriminates — using ESG (Environmental, Social, and Corporate Governance Score) — in its lending decisions against the fossil-fuel industry will be placed.
Once placed on that list, financial companies will be unable to bid for West VA government contracts.
Mr. Moore noted that an increasing number of states are working toward the same arrangement for protecting their fossil-fuel industries.
He also made clear that W VA did not start its list with small-fish targets, saying that the first six financial institutions that will be put on the list are: BlackRock Inc., Wells Fargo&Co., JP MorganChase &Co, Morgan Stanley, The Goldman Sachs Group Inc., and U.S. Bancorp.
Mr. Moore said that many companies are eager to use the ESG scoring method because asset managers can make twice as much profit when the score is applied against loan applicants.
It is interesting to note that just after our conversation, the governments of Germany and Greece announced they were reopening coal-fired plants to replace the energy shortages they have suffered because of U.S.-EU sanctions on Russia.
Col. Mike said “It’s time for anyone with the credit cards from those banks to cut them up.
It’s suicide to continue to use them!”
He also said it’s time to enjoy the Mountain Stage:
Get to Know Mountain Stage – Mountain Stage: https://mountainstage.org
–Media coverage of Mr. Moore’s and West Virginia’s success:
NY Times Article: https://www.nytimes.com/2022/05/27/climate/republicans-blackrock-climate.html
WSJ Op-Ed (with Vivek): https://www.wsj.com/articles/the-market-can-curtail-woke-fund-managers-index-act-votes-shareholders-11654786033
Politico Article about letters: https://www.politico.com/news/2022/06/14/banks-letter-west-virginia-boycott-fossil-fuels-00039246
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