West Virginia Excludes Major Banks Over ESG Policies

State Treasurer Riley Moore cites a boycott of the fossil fuel industry as the reason for the decision.

West Virginia State Treasurer Riley Moore announced the addition of Citigroup, TD Bank, Northern Trust, and HSBC to the state's Restricted Financial Institution List, citing their ESG policies and perceived boycott of the fossil fuel industry.
The move bars these banks from participating in state banking contracts, effectively excluding them from a significant portion of West Virginia's financial transactions.
This action is part of a broader Republican effort against ESG practices, which critics argue distort the economy and culture by prioritizing environmental, social, and governance goals over traditional business metrics.
Some banks, such as BMO Bank and Fifth Third Bank, altered their policies to avoid being added to the restricted list, indicating the significant impact of such state-level decisions.
The decision has sparked debate over the role of financial institutions in addressing climate change and the balance between environmental responsibility and economic interests.