This story was originally published by the WND News Center.
Banks in Kentucky are discovering that their ideological commitment to boycotting fossil fuels – an agenda that coordinates with Joe Biden’s extreme green scheme – may cost them.
A new report from The Federalist explains that Kentucky state Treasurer Allison Ball has warned that banks that boycott fossil fuel projects could lose state business.
“When companies boycott fossil fuels, they intentionally choke off the lifeblood of capital to Kentucky’s signature industries,” Ball said, in listing 11 different financial firms now on notice.
“Traditional 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.”
The ball is giving the companies a choice between managing taxpayer assets well or continuing their “animosity toward American energy,” the report explained.
Ball said the state had given its agencies 30 days to report any direct or indirect holdings in companies that have attacked America’s fossil fuels industry, including Citigroup, JPMorgan Chase, and BlackRock.
Ball’s office said the energy sector is responsible for about 8% of state employment. Further, the report noted, “The U.S. Energy Department reported last summer that more than 70 percent of the state’s electricity came from coal in 2021, giving Kentucky residents the 12th-lowest prices in the nation.”
The report explained West Virginia Treasurer Riley Moore already has insisted BlackRock CEO Larry Fink resign because of the company’s allegiance to “anti-energy environmental, social, and governance (ESG) standards to the detriment of shareholders.”
The Wall Street firm, in fact, saw its assets over the last year drop by $2 trillion as it moved further and further into using its clients’ assets for its political agenda.
North Carolina Treasurer Dale Folwell also has suggested the BlackRock executive depart.
Other states that have removed taxpayer assets from BlackRock include Arkansas, Utah, Louisiana, South Carolina, Missouri, Florida, Arizona, and Texas.