In a bold move to protect Oklahoma’s energy industry from discrimination, leaders in the state are taking a stand against “woke” financing companies. The Oklahoma Energy Producers Alliance (OEPA) and State Treasurer Todd Russ are joining forces to withhold state funds from institutions that discriminate against oil and gas and agriculture businesses.
The OEPA issued a press release on Wednesday, emphasizing their commitment to fight against woke policies that hinder the growth of vital industries in Oklahoma. Treasurer Russ has already cracked down on lenders that violate the state’s anti-ESG law, which aims to punish companies that discriminate against fossil fuel industries.
ESG financing has become a contentious issue, with major financial institutions cutting off funding to traditional energy producers. These institutions use non-financial standards, such as a company’s environmental or social impact, to guide their investment decisions. This approach deviates from the traditional practice of considering a business’s profitability.
While private companies can choose to adopt ESG policies, critics argue that smaller firms have been coerced into using these metrics by Wall Street corporations that prioritize woke agendas. The Biden administration has also been pushing for ESG policies, as demonstrated by the Department of Labor’s rules to facilitate companies’ consideration of climate change and other factors in their investment decisions.
Multiple federal agencies have followed suit, with approximately 20 agencies adopting some form of ESG strategy. President Biden has signed nearly 30 executive orders related to ESG. Congressional Republicans attempted to pass a bill preventing pension fund managers from considering factors like climate change, but it was vetoed by President Biden, who claimed it would jeopardize the retirement savings of millions of Americans.
States like Oklahoma have taken matters into their own hands to protect their vital industries. Treasurer Russ believes that the new legislation will safeguard the state’s economy, particularly the energy, oil and gas, and agriculture sectors. By working with financial institutions that prioritize free-market principles, Oklahoma aims to ensure fair access to financing for businesses in these industries.
The OEPA strongly supports Treasurer Russ’s actions, commending his courage and commitment to protecting Oklahoma producers. They emphasize the importance of institutions in the state aligning their interests with the welfare of local agriculture, oil, and gas businesses rather than succumbing to the woke policies of the Biden administration.
Critics argue that the Biden administration has weaponized ESG to advance a political agenda and eliminate the production of fossil fuels in America. The federal overreach and pressure on financial institutions have made it increasingly difficult for traditional energy companies to access capital. In contrast, the renewable energy sector continues to receive substantial subsidies from the government.
If this trend persists, it could lead to severe consequences for Americans. Traditional energy companies, essential for meeting the nation’s energy demands, are being pushed out while green energy alternatives are not yet capable of bridging the gap. This could result in soaring gas prices, rolling brownouts, and a strained energy grid.
Oklahoma’s economy heavily relies on the oil and gas industry, making it even more imperative to resist woke policies like ESG. The OEPA urges Treasurer Russ to remain steadfast in his fight against discrimination and ensure that financial institutions do not receive billions of dollars if they continue to discriminate against Oklahoma’s vital industries.
Source Fox News