Kentucky's state treasurer announced an aggressive measure Monday to fight back against financial institutions' efforts to push green energy and boycott fossil fuel production.
, the listed banks — which included BlackRock, the largest asset manager in the world, JPMorgan Chase, Citigroup and HSBC among others — were found to be in an active boycott of fossil fuel companies. The Kentucky state government could begin divesting from the firms if they didn't reverse their boycotts, according to the notice obtained first by FOX Business.
that are determined to be engaging in a boycott of energy and fossil fuel companies. Democratic Gov. Andy Beshear signed the bill, which was endorsed by both the Kentucky Oil and Gas Association and Kentucky Coal Association, into law on April 8, 2022. The law directs the state treasurer's office to publish an annual list of financial firms engaged in energy boycotts. State agencies then must notify the office if they own direct or indirect holdings of the listed companies and send a notice to the relevant companies within 30 days. If the companies don't halt their boycotts within 90 days of receiving such notice, the state government could divest from their holdings.
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