Screenshot / YouTube, Foundation for Government Accountability ; Toronto-Dominion Bank, Public domain, via Wikimedia Commons ; Citibank, Public domain, via Wikimedia Commons, Cropped by Resist the Mainstream

West Virginia moved to bar four financial institutions from entering into state contracts due to their environmental policies.

Fox News reports that the institutions affected by this decision are industry giants: Citigroup, TD Bank, HSBC, and The Northern Trust Company. Now, potential contracts valued at tens of billions of dollars at stake.

West Virginia State Treasurer Riley Moore announced the addition of these banks to the state’s Restricted Financial Institution List, a measure taken following a comprehensive assessment of their environmental, social, and governance (ESG) policies.

The assessment revealed their active involvement in boycotting the fossil fuel industry, prompting Moore to take action.

“We’ve offered woke financial institutions a choice: you can boycott fossil fuels, or you can do business with our state, but you can’t do both,” Moore emphasized in a statement.

Moore’s announcement represents a new chapter in West Virginia’s resistance to the ESG movement. While his office had previously reviewed and listed banks currently engaged in business with the state, the scope of the review has now been expanded to include institutions not currently authorized to do business with the state. The addition of these four banks to the list further solidifies the state’s position on the matter.

This decision aligns with a 2022 state law aimed at resisting the sustainable investing movement, with institutions such as BlackRock, Goldman Sachs, and JP Morgan Chase & Co. already finding themselves on the Restricted Financial Institution List.

Moore’s stance reflects the state’s commitment to supporting its fossil fuel industries, citing global coal consumption figures and debunking what he perceives as myths propagated by climate activists.

Moore had warned these banks prior to their addition to the restricted list of the consequences unless they revised their ESG policies or demonstrated their non-involvement in boycotting fossil fuels.

BMO Bank and Fifth Third Bank notably received cautionary notices in the past, however, they were not ultimately added to the restricted list after showing that their investment strategies did not include boycotting fossil fuels.

Moore commended these banks for cooperating with the state to ensure fairness for critical industries in West Virginia and to uphold free market principles.

The Investment and Banking Services Division of the West Virginia State Treasurer’s Office manages $22 billion in banking transactions last year alone, Fox News reports.

The exclusion of the four listed institutions, in addition to those already on the list, from future bidding opportunities underscores the seriousness of the state’s stance on ESG policies. It also highlights how high the stakes are with enormous contract values on the line.

Banks already listed, however, have pushed back against Moore’s actions, arguing that they do not boycott the fossil fuel industry. For instance, BlackRock highlighted its substantial investments in energy companies globally, while The Northern Trust Company emphasized its significant exposure to the traditional energy sector.

Moore remains resolute in his decision, despite the pushback, emphasizing the importance of supporting West Virginia’s critical industries and maintaining fairness in the free market.

Moore’s actions are setting a precedent for other states grappling with similar issues.