Summary : West Virginia has taken the dramatic move of deeming five financial institutions ineligible for state banking contracts on the grounds that they “boycott” fossil fuel companies.
As the blacklist goes into effect, all five firms will no longer be eligible for state contracts and any existing contracts will be void. The move comes after West Virginia’s legislature passed a bill authorizing the state’s treasurer to produce a list of firms that refuse to do business with fossil fuel companies and to deny those firms from consideration for state financial contracts. The firms can be removed from the list “if the institution demonstrates that it has ceased all activity that boycotts energy companies.”
The move is drastic but is part of a broader pushback from red states against certain financial firms over environmental, social, and governance policies.
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Last year, Texas Republican Gov. Greg Abbott signed a bill that outlawed state investments in businesses that sever ties with the oil and gas industry.