West Virginia State Treasurer Riley Moore barred five banks last week from entering into state bank contracts because of policies they had adopted against financing fossil fuel projects. The U.S. bank — which was initially considered for inclusion on the restricted financial institution list — has now reversed its policy, Moore told Breitbart News on Wednesday.
“The highlight of the list of restricted financial institutions was the lifting by the US Bank of its ban on lending to fossil fuel companies, which led to them not being listed on the stock market. I applaud US Bank for its decision and everyone should. The categorical refusals to lend are a distortion in the market.”
Moore predicted that West Virginia and other states will continue to use state banking contracts as leverage to push financial institutions away from anti-energy lending policies.
“Texas will release its list in the near future, followed by Kentucky, Oklahoma and Tennessee,” he said. “That’s how we win. This is how we defeat ESG and bring the financial sector back to neutral and away from using corrosive capitalism to advance the liberal agenda.”
Environmental, social and governance (ESG) standards are used by investors and financial institutions to guide the allocation of funds to non-financial purposes. While some ESG advocates have was attempted critics wrangle that they exist to politically bias corporate governance, usually in favor of leftist causes.
According to a memorandum by the Ministry of Finance of the State, the banks that entered the list of restricted financial institutions are BlackRock Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley and Wells Fargo & Co.
ONE Press release about BlackRock’s inclusion on the list, he noted that environmental concerns haven’t stopped the company from pouring billions of dollars into China:
The decision was based on a recent References which BlackRock has he urged companies to adopt “net zero” investment strategies that will harm the coal, oil and gas industries, while increasing investments in Chinese companies that undermine national interests and harm West Virginia’s manufacturing base and labor market.
“The way BlackRock and other big banks are behaving in relation to China exposes the true hypocrisy of the ESG movement. These companies are cutting funds to US energy producers in the name of protecting the planet, while simultaneously funneling billions of dollars of investment into China, which is currently building 55 new coal-fired power plants and leading the world in pollution.” Moore told Breitbart News.
“These companies also try to engage in social issues in conservative states while turning a blind eye to China’s human rights atrocities, including the blatant genocide of the Muslim Uyghur population,” Moore added. “This double standard shows that these globalist elites are willing to weaken the United States while benefiting from investments in a communist regime in China, and that’s why states like West Virginia must fight back to protect values, the economy and the american way of life. “
You can follow Michael Foster on Twitter at @realmfoster.