Oklahoma politicians and leaders within the fossil fuel industry have stepped up to combat what they believe is overreach by the federal government through ESG.
Policies pushed by federal agencies threaten to push traditional energy producers out of business, causing fears of spiking energy prices and rolling brownouts, according to a member of the Oklahoma Energy Producers Alliance board of directors.are taking aim at environmental, social, and governance policies embraced by federal agencies in Washington D.C.
ESG financing has become increasingly controversial in recent years, with major financial institutions leading a charge that have cut off traditional energy producers from vital sources of capital.
Multiple federal agencies have followed suit, with the Federal News Network reporting last year that roughly 20 federal agencies have adopted some form of ESG strategy. Meanwhile,Earlier this year, a bill led by Congressional Republicans seeking to prevent pension fund managers from basing their decisions on factors such as climate change was vetoed by Biden, who argued the legislation would have put the retirement savings of millions of Americans at risk.
"The energy sector is crucial to Oklahoma’s economy, providing jobs for our residents and helping drive economic growth," Russ said of the move."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.
Cantrell, who has also served on the board of a community bank for about 30 years, said he has seen federal overreach first hand. "Banks are being told and financial institutions are being told that they've got to embrace the philosophy of discriminating against fossil fuel companies in their lending practices," Cantrell said, who compared it to a"death by thousand cuts strategy."
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