US states take aim at “woke” financing

US states take aim at “woke” financing

Ask an oil company what the problem with the industry is these days and high up on the list will be complaints about a shortage of financing. People point the finger of blame at a variety of related factors such as a new craze for ESG, environmentalists, the government and the left.

Moving beyond grumbling, though, a number of resource-rich states in the US have set out legislation aiming to pressure investors to rethink.

States such as Texas and West Virginia have moved to cut off certain funds from state investments. The strategy is a natural response to the environmental divestment movement.