ESG Law In Oklahoma: Reports Will Be Released This Quarter!

ESG Law In Oklahoma

The ESG law passed in 2022, mandates divestment from financial institutions that boycott the energy industry. Russ stated that the majority of the 13 banned companies have engaged in discussions regarding their actions and intentions, The Center Square reported. While some companies remain firm in their positions, others are attempting to present new arguments to justify their actions.

The ESG law requires companies to respond within 90 days, and those that fail to do so are automatically placed on the list. Russ, who sent letters to 160 companies in February, plans to update the list quarterly, exceeding the statutory requirement of an annual update.

JPMorgan Chase and Blackrock, two notable financial institutions affected by the ESG law, have responded to the situation. JPMorgan Chase dismissed the list as baseless and emphasized its significant financial support for Oklahoma’s oil and gas companies. Blackrock stated that it has invested over $300 billion in traditional energy companies.

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Other ESG Laws

Other states, including Florida, Louisiana, Arizona, Texas, Missouri, South Carolina, Arkansas, Utah, and West Virginia, have also enacted similar ESG laws and have divested their assets from Blackrock, Southwest Ledger News reported. The cumulative total of divested assets from these states amounts to $4.8 billion.

Not all states have proceeded with ESG laws, as evidenced by North Dakota’s rejection of a bill that would have required monitoring banks for ESG laws and policies due to the associated costs. However, the implementation of ESG laws in various states demonstrates the growing significance of environmental, social, and governance factors in the decision-making processes of businesses and financial institutions.

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