Wyoming opposes anti-fossil fuel ESG-driven asset managers
Wyoming has joined forces with several other states to take action against asset managers Blackrock, State Street, and Vanguard for their coordinated and anticompetitive environmental, social, and governance (ESG) strategies that aim to disrupt the energy sector.
These three major institutional investors have individually amassed significant stakes in every major publicly traded coal producer in the US. This gives them considerable power to influence the policies of these competing companies, ultimately leading to reduced competition in the coal markets.
In 2021, Blackrock, State Street, and Vanguard publicly declared their commitment to using their shares to pressure all companies in their portfolios to align with a climate activist agenda, including cutting carbon emissions from coal by more than 50%.
Governor Mark Gordon of Wyoming emphasized the importance of safeguarding the state’s core industries, applauding the Attorney General’s efforts in exploring all avenues to protect the coal industry. He expressed concerns about the anti-competitive nature of ESG policies that artificially manipulate the coal supply, drive up energy prices for consumers, and generate excessive profits for asset managers.
Governor Gordon highlighted the state’s commitment to defending the coal industry and supporting the nation’s energy needs, especially in the face of policies that unfairly impact Wyoming families and businesses by increasing energy costs.
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