Kentucky Expands Divestment List to Protect Energy Sector
Kentucky has expanded its divestment list to include 11 financial institutions, with Chase and Citibank being new additions. The move is part of the state's effort to protect its energy sector, which employs nearly 144,000 people and accounts for 94.5% of its energy supply.
The list, announced by State Treasurer Allison Ball, includes Chase and Citibank for their financing of energy companies in Kentucky, such as American Electric Power and Duke Energy Corp. Other institutions on the list are BNP Paribas, HSBC, Danske Bank, Nordea Bank, Swedbank, Svenska Handelsbanken, Schroders, and Climate First Bank. Kentucky is the third state to take such action, following West Virginia and Texas.
Kentucky's attorney general has previously raised concerns over ESG investing and sent civil investigative demands to major banks regarding their participation in the U.N.-backed Net-Zero Banking Alliance. The 11 companies now have 90 days to avoid divestment by proving they are not engaging in fossil-fuel boycotts. BlackRock, one of the targeted institutions, has invested approximately $276 billion in energy companies globally and does not boycott energy companies.
Kentucky's latest divestment list includes 11 financial institutions, with Chase and Citibank being new additions. The state aims to safeguard its energy sector, which plays a significant role in its economy and employment. The affected companies have 90 days to respond and avoid divestment.
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