Inside Track
Kentucky to Divest From Companies Over ESG
On January 3, Kentucky State Treasurer Allison Ball released a list of 11 companies engaged in energy boycotts, a hallmark of so-called ESG (Environmental, Social, Corporate Governance) funding. Those companies must notify the State Treasurer’s office within 90 days that they are ending those energy boycotts or risk divestment from the Bluegrass State.
The companies put on notice are BlackRock, Inc.; BNP Paribas SA; Citigroup Inc.; Climate First Bank; Dankse Bank A/S; HSBC PLC; JPMorgan Chase & Co.; Nordea Bank ABP; Schroders PLC; Svenska Handelsbanken AB; and Swedbank AB.
According to the treasurer’s statement, Kentucky’s energy sector accounts for nearly eight percent of all employment in the state and nearly 145,000 jobs. Currently, fossil fuels supply 94.5 percent of Kentucky’s electrical power generation.
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