The battle against woke policies and discrimination targeting Oklahoma’s industries is gaining momentum. Leaders in the state, together with the Oklahoma Energy Producers Alliance (OEPA) and State Treasurer Todd Russ, are taking a stand against “woke” financing companies that discriminate against oil, gas, and agriculture businesses.
Woke policies, like ESG financing, have been causing a stir, with major financial institutions cutting off funding to traditional energy producers. These institutions have shifted their investment decisions to incorporate non-financial standards, such as a company’s environmental and social impact. This departure from conventional financial considerations threatens the fairness and stability of lending practices.
While private companies have the right to adopt ESG policies, there is growing concern that smaller firms are being coerced into using these metrics by Wall Street corporations driven by their own woke agendas. The Biden administration has also been championing ESG policies, as evident from the Department of Labor’s rules that encourage companies to consider climate change and other factors in their investment decisions.
Several 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’ efforts to prevent pension fund managers from factoring in non-financial factors like climate change were thwarted by President Biden’s veto, raising concerns about the potential impact on Americans’ retirement savings.
To safeguard vital industries, Oklahoma has taken matters into its own hands. Treasurer Russ is leading the charge, cracking down on lenders that violate the state’s anti-ESG law. This legislation aims to hold companies accountable for discriminating against fossil fuel industries. By working with financial institutions that prioritize free-market principles, Oklahoma seeks to ensure fair access to financing for businesses in the energy, oil, gas, and agriculture sectors.
Treasurer Russ’s actions have garnered support from the OEPA, an advocate for the state’s oil and gas companies. They commend his courage and commitment to protecting Oklahoma’s producers.
The OEPA emphasizes the importance of institutions aligning their interests with the welfare of local agriculture, oil, and gas businesses instead of 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 fossil fuel production in America. This federal overreach and pressure on financial institutions have made it increasingly challenging for traditional energy companies to access capital. Meanwhile, the renewable energy sector continues to benefit from substantial government subsidies, widening the disparity between the two industries.
If this trend persists, Americans may face severe consequences. Traditional energy companies, which are vital for meeting the nation’s energy demands, are being marginalized, while green energy alternatives are not yet capable of filling the gap. This could lead to soaring gas prices, rolling brownouts, and strain on the energy grid.
Given Oklahoma’s heavy reliance on the oil and gas industry, it is crucial to resist woke policies like ESG. The OEPA urges Treasurer Russ to remain resolute 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