W.Va. seeks to add six firms to boycott list, expanding ESG backlash

By Jordan Wolman | 02/27/2024 06:29 AM EST

State pension funds would not be affected by the restrictions.

A walks by a Citibank branch.

Citibank is facing allegations of boycotting fossil fuels. Victor R. Caivano/AP

West Virginia is putting Citibank, TD Bank, HSBC and three other banks on notice that they could be barred from receiving state contracts as part of a continuing attack on environmental, social and governance policies.

State Treasurer Riley Moore wrote to the six companies informing them of his “initial determination” that they are refusing or limiting their business with coal, oil and gas companies “without a reasonable business purpose,” according to a copy of the letters shared with POLITICO. The banks will be placed on West Virginia’s Restricted Financial Institution List in 45 days unless they show that they aren’t boycotting fossil fuels, Moore said.
wrote to the six companies

“We are winning,” said Moore, who is also running for a U.S. House seat and leading a 15-state coalition combating ESG policies. “I am not out here to defeat the banks. What I am here to do is to defeat ESG and liberate the free market.”
15-state coalition


State pension funds would not be affected by the restrictions, because Moore’s office doesn’t control them.