LEXINGTON, KY (January 3, 2023) — The Kentucky Coal Association (KCA) applauds today’s action by State Treasurer Allison Ball taking the first steps to force the divestment of state assets from companies that push anti-coal, anti-fossil fuel, ESG (Environmental and Social Guidance) policies.
In a news release announcing the action, Treasurer Ball explained, “When companies boycott fossil fuels, they intentionally choke off the lifeblood of capital to Kentucky’s signature industries. 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.”
KCA President Tucker Davis said Ball’s action is a much-needed step in combating the proliferation of asset management companies and pushing a radicalized social agenda with state tax dollars.
“For far too long these companies have engaged in the manipulation of investment dollars with the specific intent of destroying the nation’s fossil fuel industry,” Davis said. “These policies are directly contrary to the best interests of Kentucky, which depends on coal, oil and gas for a substantial part of its budget and for meeting more than 90 percent of its energy needs. These companies have effectively strangled fossil fuel industries for investment capital. They have used their clout to drive decisions that are based on their own social agenda and not the needs and best interests of their investors. We welcome Treasurer Ball’s action.”
The following companies are included in the Treasurer’s list as subject to divestment of state assets: Blackrock Inc., BNP Parisbas SA, Citigroup, Climate First Bank, Danske Bank A/S. HSBC PLC, JP Morgan Chase, Nordea Bank ABP, Schroder’s PLC, Svenska Handelsbanken AB, and Swedbank.
For more information contact Tucker Davis at the Kentucky Coal Association at (859)233-4743 or via email at tdavis@kentuckycoal.com.
