West Virginia Punishes Banks That It Says Don’t Assist Coal

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And extra states are poised to take motion towards monetary establishments which might be backing away from fossil fuels.

Republican lawmakers in a dozen different states have superior payments just like the one being enforced in West Virginia, and governors in 4 states, together with Texas and Oklahoma, have signed such legal guidelines.

On Wednesday, Ron DeSantis, the Governor of Florida, joined the marketing campaign, proposing laws that may prohibit monetary companies that handle the state’s pension funds from contemplating environmental components when making funding selections.

Whereas the coal enterprise is waning, it’s nonetheless huge enterprise in West Virginia. Taxes from coal and fossil gasoline industries are the third-largest supply of funds for West Virginia, in line with the state. In the latest fiscal yr, the state collected some $769 million in severance taxes from coal and different fossil gasoline firms, representing 13 p.c of the $5.89 billion in funds collected by the state.

Mr. Moore declined to say whether or not he accepted the scientific consensus that emissions from the burning of fossil fuels are resulting in catastrophic planetary warming. As an alternative, he stated that even when that have been the case, it was his accountability to guard the livelihoods of West Virginians.

“At what value to human flourishing are we keen to inflict these kind of restrictions because it pertains to entry to low cost and dependable electrical energy?” he stated. “As West Virginians, our potential to have the ability to assist energy the nation with the pure sources that we’ve got is a profit not simply to us, however to all the nation.”

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