State Treasury cites institutions boycotting OK Energy Industry
Oklahoma's State Treasurer’s Office announced list of financial institutions' boycotting Oklahoma Energy Industry.
OKLAHOMA CITY (KFOR) - Oklahoma's State Treasurer’s Office announced list of financial institutions' boycotting Oklahoma Energy Industry.
Today the Oklahoma State Treasurer Todd Russ announced that his
office has received responses from nearly 160 financial institutions to which it sent
questionnaires, inquiring about their Environmental, Social, and Governance (ESG) policies as it
applies to HB2034.
According to a state law passed during the 2022 legislative session, financial institutions that
boycott oil and gas companies may be excluded from doing business with the state.
The Oklahoma State Treasury department says after completing an in-depth analysis, it has been determined that an initial list of thirteen financial institutions including Blackrock, Wells Fargo & Co., JPMorgan Chase & Co., Bank of America and State Street are ineligible for state contracts because they are engaged in boycotts of fossil fuel companies or they failed to reply to the questionnaire.
Treasurer Russ has declared the oil-and-gas industry as a vital part of the economy and that the
state and companies that do business with the state should not boycott the industry.
"The energy sector is crucial to Oklahoma’s economy, providing jobs for our residents and
helping drive economic growth," Russ said. “It is essential for us to work with financial
institutions that are focused on free-market principles and not beholden to social goals that
override their fiduciary duties.”
Governor Stitt responded to the announcement saying, "I am grateful to State Treasurer Todd Russ for carrying out the Energy Discrimination Elimination Act. The state of Oklahoma will not do business with financial firms who boycott oil and gas companies and prioritize ESG over their fiduciary duty to Oklahomans' retirement funds."
A BlackRock spokesperson also chimed in on the announcement listing stating, "BlackRock is a leading investor in the Oklahoma energy sector. On behalf of our clients, we invest over $15 billion in public energy companies based in Oklahoma and $320 billion in public energy companies globally. We invest billions more in renewable energy firms."
"BlackRock offers our clients the choices to help them achieve their investment objectives. Boycott lists raise costs for Oklahoma taxpayers and reduce returns for firefighters, teachers, and state employees seeking to retire with dignity."
The treasurer's office says it will continue to thoroughly review the submitted questionnaires including the initial list of financial institutions with ESG policies that do not align with the state's interest.
"We appreciate the prompt response from these financial institutions. Our state's financial
partnerships should reflect our priorities and values, and it is our responsibility to partner with
companies that share our vision for a strong and prosperous Oklahoma economy, and that
includes our energy sector," Russ said.
The full list is available to the public on the treasurer’s website at ok.gov/treasurer/.