December 4, 2021 — Fifteen States Respond to "Woke Capitalism," Threaten to Cut Off Banks That Refuse to Service Coal, Oil Industries

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December 4, 2021

Fifteen States Respond to "Woke Capitalism," Threaten to Cut Off Banks That Refuse to Service Coal, Oil Industries by Brittany Bernstein
Appeared in the National Review on November 22, 2021

Gina's Thoughts

Fifteen states in the USA are standing up for their energy industries by planning to take "collective action" against banks that adopt corporate policies to cut off financing for the coal, oil, and natural gas industries. As mentioned in a previous InvestNow Story of the Week, banks are now being aggressively targeted to divest from and stop financing fossil fuel companies. Now several states are fighting fire with fire. "The overarching objective of our actions will be to protect our states' economies, jobs, and energy independence from these unwarranted attacks on our critical industries. The financial officers say they will take 'concrete steps' within their authority to select financial institutions for their states' financial service contracts that 'support a free market and are not engaged in harmful fossil fuel industry boycotts'." One of the state treasurers goes on to say, "we want banks to go back to being banks and not instruments of this woke agenda." InvestNow agrees. We too want banks to go back to being banks, universities to go back to being universities and institutional and pension funds to go back to being institutional and pension funds. Canadian hydrocarbon companies have high standards of governance, operate under stringent environmental thresholds, provide well-paying jobs, fuel virtually every other industry on our stock exchanges, and are a heavy-hitter for Canada's economy. The hydrocarbon industry in Canada is worth standing up for.

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