CHARLESTON W.Va. (WVDN) – State Treasurer Riley M. Moore today reacted to news that several major U.S. banks have formally exited the U.N. backed “Net-Zero Banking Alliance,” which acted as an anti-fossil fuel cartel that pressured member companies to abide by frivolous emission standards and boycott the energy industry.
Today, Morgan Stanley left the alliance, just days after Citigroup and Bank of America also left. These follow similar announcements from Goldman Sachs and Wells Fargo in December.
This news comes within days of the third anniversary of the State of West Virginia fully divesting its assets from BlackRock over its environmental, social, and governance (ESG) policies boycotting fossil fuels, the lifeblood of the state.
That effort, led by Treasurer Moore, subsequently helped build a coalition of a dozen other states that implemented similar divestment actions to counter these destructive ESG policies.
Rep.-Elect Riley M. Moore is slated to be sworn into the U.S. House of Representative as the representative for West Virginia’s Second District this coming Friday, and in that role he plans to continue his efforts to combat ESG.
Treasurer Moore released the following statement:
“This news reaffirms it’s a new day in America. No longer are companies easily bowing to the global elites who hope to blacklist specific industries and the workers they employ.
“I am proud to have led the charge against ESG, and there’s no doubt the election of President Donald Trump is playing a major role in these decisions. While we must remain vigilant, Americans can sleep more soundly tonight, as this rebuke of the global climate cabal is good for both workers and consumers, will benefit investors of all stripes, and will allow American industry to thrive.”
Background: In January 2022, Treasurer Moore divested state assets from BlackRock over their promotion of ESG. Subsequently, he teamed up with state lawmakers to pass legislation that created a restricted financial institution list. This law empowered the State Treasurer to bar banks and other financial firms from doing business with the state if their policies conflicted with or boycotted the energy industry. Several major banks and firms have been placed on the list.
