West Virginia threatens blacklisting of six major banks over ESG policies

West Virginia State Treasurer Riley Moore has issued warnings to six major banks, including Citibank and HSBC Holdings, threatening to blacklist them from state business due to their support of climate-conscious investing strategies known as ESG (environmental, social, and corporate governance). 

Moore argues that these banks are boycotting fossil fuel industries, crucial to West Virginia’s economy. The move follows a 2022 state law that created a Restricted Financial Institution List targeting Wall Street giants engaged in ESG activities.