fbpx
Dallas, TX
Friday, October 7, 2022
87°
English Español

Social

Fine Print

English Español

West Virginia Bans ‘Anti-Coal’ Banks

National

The massive Big John dragline reshapes the rocky landscape in some of the last sections to be mined for coal at the Hobet site in Boone County, West Virginia. | Image by Jonathan Ernst, REUTERS

Donate to Dallas Express to Keep it Free

West Virginia has drawn a line in the sand with big banks that allegedly refuse to finance coal development in the state.

West Virginia State Treasurer Riley Moore recently announced that major banks — including behemoths Goldman Sachs, JP Morgan, Morgan Stanley, and Wells Fargo — have been placed on its “Restricted Financial Institution List” and would be “banned” from doing business there for their alleged lack of support for fossil fuel financing in the state.

This means that the named banks will no longer be eligible to win banking contracts launched by the state of West Virginia. U.S. Bancorp was almost included but changed its policies in time.

West Virginia is the maiden state to sever ties with financial institutions because of their moves to thwart coal mining activities in favor of backing alternate energy production processes.

In early 2022, the state treasurer spearheaded a law giving the green light to retaliate against banks for boycotting commodities like coal.

In a recent interview, Moore told Fox Business that the state now has “outright prohibitions on lending to the fossil fuel industry,” he said.

Highlighting thermal coal, Moore said, “Thermal coal is obviously important to West Virginia, but it’s also important to the country.”

The coal industry also suffered a recent blow when Democratic senator Joe Manchin from West Virginia revealed his support of his party’s climate change and tax bill.

The deal was designed to deliver incentives to renewable energy companies, but critics like U.S. Representative Alex Mooney said it leaves the coal industry out in the cold. Additionally, Republican National Committee (RNC) Chairwoman Ronna McDaniel argued that the bill would do little to lower Americans’ energy bills and could even increase natural gas costs.

Prior to the financing ban, Moore warned the banks that they were in jeopardy of ruining their relationship with the state for their efforts toward banning fossil fuel development. He gave them a month and a half to respond.

Of the five banks, only U.S. Bancorp responded, agreeing to remove its anti-coal stance from its ESG policies, shielding the firm from inclusion in the financing ban.

Later in his interview with Fox Business, Treasurer Moore cited what he described as a “war on coal,” which he blamed for the loss of jobs among West Virginians. Moore traced this war back to the Obama administration. Coal, he reminded, is vital for the heating and cooling of American households and automobiles.

Most of the big banks banned from doing business in West Virginia had previously disclosed that they were cutting their coal industry financing to “reduce the release of harmful carbon emissions” associated with these projects.

Morgan Stanley defended itself, denying that it boycotts fossil fuel companies. JP Morgan called West Virginia’s financing ban “shortsighted” and “disconnected from the facts,” according to Fox Business. In addition, Wells Fargo said it still “values its relationship with the state of West Virginia” and disagrees with the financing ban.

Meanwhile, Moore maintained that the banks should make their financing decisions with a view toward risk and capital rather than what he called “some left-wing political ideology.” He predicted that “more Republican-led states will soon push back against environmental, social, and corporate governance (ESG) policies from the private sector.”

We welcome and appreciate comments on The Dallas Express as part of a healthy dialogue. We do ask that you be kind. Kind to each other and to everyone else in your comments. For more information, please refer to our Complete Comment Moderation Policy.

Subscribe to Comments
Notify of
guest

11 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Linda Ivey
Linda Ivey
1 month ago

I hope Texas will do the same and boycott financial institutions that cater to green energy!

Bobby
Bobby
1 month ago

Way to go West Virginia 🙂 screw everyone who is against fossil fuels..MORE COAL & DRILL DRILL DRILL FOR OIL

Get Real
Get Real
Reply to  Bobby
1 month ago

Yep, keep burning coal and lets see if Miami can be underwater in 20 years.

jlrlee
jlrlee
Reply to  Get Real
1 month ago

You don’t have to worry about 20 years. Four years ago, AOC said the world would end in 12 years. So you have 8 more years to live.

caseyp
caseyp
Reply to  Get Real
1 month ago

It’s obvious that you failed third grade science. If icecaps melt it will not change water levels. Don’t believe me? Fill a glass 3/4 of the way with water then add ice until the water level is to the top of the glass and let it sit on the counter until the ice melts. When the ice melts the water level will not rise. You obviously get your “education” from Democrat owned and controlled mainstream media.

Dan Taylor
Dan Taylor
Reply to  Get Real
1 month ago

You go on believing the lies of the Media and Dems. I want to see NYC under about 75 ft of water but it will never happen. Keep drinking the Koolaid!

Rachel
Rachel
Reply to  Get Real
1 month ago

“The earth belongs to the Lord and everything thereof.” We will take care of the earth, but we will not worship at the altar of green energy. Green energy will serve those who want to use it, but we should always have choices. I do not think the world should be forced into something that they do not have the infrastructure to yet.

caseyp
caseyp
1 month ago

Good for them. Fossil fuels are here to stay. It’s illogical to think otherwise and impossible to get rid of them.

RiverKing
RiverKing
1 month ago

I will begin take eco-fascists seriously when they include nuclear as an alternative to fossil fuels.

C Price
C Price
Reply to  RiverKing
1 month ago

And clean burning natural gas!

Rachel
Rachel
1 month ago

This site censored my comment on this issue, I hope they sent me the reason why.

Most Read