Wyoming pushes back on anti-fossil fuel ESG asset managers
Wyoming is part of a coalition of states that has taken action against asset managers Blackrock, State Street, and Vanguard for their coordinated efforts to disrupt the energy industry through environmental, social, and governance (ESG) schemes.
These three major institutional investors have acquired significant stockholdings in every major publicly held coal producer in the US, giving them the power to influence company policies and reduce competition in coal markets.
In 2021, Blackrock, State Street, and Vanguard committed to pressuring portfolio companies to align with a climate activist agenda, aiming to reduce carbon emissions from coal by over 50%.
Governor Mark Gordon of Wyoming praised the Attorney General’s efforts to protect the coal industry from unfair market manipulation. He emphasized that under the guise of ESG policies, these asset managers have artificially constrained the coal supply, leading to higher energy prices for American consumers.
To read the full filing, visit the link provided. Wyoming remains dedicated to defending its core industries, including coal, and ensuring fair competition in the energy markets.
