Oklahoma leaders are standing strong in defense of the state’s energy industry against discriminatory practices. The Oklahoma Energy Producers Alliance (OEPA) and State Treasurer Todd Russ have joined forces to combat “woke” financing companies that discriminate against oil, gas, and agriculture businesses.
In a recent press release, the OEPA reiterated its commitment to fighting against woke policies that hinder the growth and prosperity of vital industries in Oklahoma. Treasurer Russ has taken decisive action, cracking down on lenders that violate the state’s anti-ESG law, which is designed to hold accountable companies that discriminate against fossil fuel industries.
The controversy surrounding ESG financing has been escalating, with major financial institutions severing ties with traditional energy producers. These institutions have shifted their investment decisions to include non-financial standards, such as a company’s environmental and social impact. This departure from traditional financial considerations has raised concerns about the fairness of lending practices.
While private companies have the freedom to adopt ESG policies, critics argue that smaller firms have been coerced into using these metrics by Wall Street corporations with their own woke agendas. The Biden administration has also been advocating for ESG policies, as seen through the Department of Labor’s rules enabling companies to consider climate change and other factors in their investment decisions.
Numerous federal agencies have followed suit, with approximately 20 agencies implementing some form of ESG strategy. President Biden has signed nearly 30 executive orders related to ESG. However, Republican lawmakers introduced a bill to prevent pension fund managers from factoring in climate change and other non-financial factors, but it was vetoed by President Biden, raising concerns about the impact on Americans’ retirement savings.
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, gas, and agriculture sectors. Oklahoma is working towards collaborating with financial institutions that prioritize free-market principles, ensuring fair access to financing for businesses in these industries.
The actions taken by Treasurer Russ have gained the support and approval of the OEPA, which advocates for the state’s oil and gas companies. They applaud the courage and commitment demonstrated by Treasurer Russ in protecting Oklahoma’s producers and ensuring institutions prioritize the state’s agriculture and oil and gas businesses over the woke policies of the Biden administration.
Critics argue that the Biden administration has weaponized ESG to advance its political agenda and eliminate the production of fossil fuels in America.
This federal overreach and pressure on financial institutions have made it increasingly difficult for traditional energy companies to secure capital. Meanwhile, the renewable energy sector continues to receive substantial subsidies from the government, further exacerbating the disparity.
If this trend continues, it could have dire consequences for Americans. Traditional energy companies, which are crucial for meeting the nation’s energy demands, are being pushed out, while green energy alternatives are not yet capable of filling the gap. This could result in higher gas prices, rolling brownouts, and increased strain on the energy grid.
Given Oklahoma’s heavy reliance on the oil and gas industry, it is 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