Kentucky told 11 financial institutions including BlackRock and JPMorgan Chase to stop boycotting energy companies using fossil fuels or face divestment.
BlackRock and JPMorgan Chase are two of the largest financial institutions in the U.S. and were among the 11 companies subject to Kentucky's warning.
BlackRock is the world's largest asset manager with about $8 trillion under management while JPMorgan Chase is America's largest bank with over $3 trillion in assets. Both firms pushed back against Kentucky's claims that they're boycotting energy companies. JPMorgan Chase spokesperson Patricia Wexler told FOX Business in a statement: "The fact is that we are among the largest financiers of the U.S. traditional and renewable energy industries, including in Kentucky where we serve some of its largest energy companies and utilities. We believe our business practices are in line with Kentucky law, and we are hopeful a deeper look at these facts would lead to reconsideration.
A BlackRock spokesperson told Fox Business, "BlackRock's only agenda is delivering the best financial results for our clients. On behalf of our clients, we have invested approximately $276 billion in energy companies globally. BlackRock does not boycott energy companies and will continue to be investors across the energy sector.
Those economic considerations along with concerns that ESG investment strategies may diminish investors' returns have led a number of states to
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