West Virginia Expands ESG Blacklist, Bans Four More Financial Firms
West Virginia's treasurer added Citigroup, HSBC Holdings, TD Bank, and Northern Trust Co to a list of financial firms that may be barred from state business due to their perceived boycott of the fossil fuel industry, sparking a dispute over the use of ESG factors in banking and business. The state treasurer's office claims the firms have publicly stated they will refuse or limit business with coal, oil, or natural gas companies without a reasonable business purpose, while the financial firms face pressure from both Republican officials and environmental activists and investors regarding their stance on ESG issues.