Oklahoma State Treasurer Todd Russ announces his office added another company to the Oklahoma State Treasurer’s Restricted Financial Companies List, which is published on the treasurer’s website and subject to revision annually, but not more than quarterly as needed. By law, the Treasurer is required to identify financial institutions that boycott energy companies. According to state law, 74 O.S. § 12002, ‘boycott energy company’ means:
Without an ordinary business purpose, refusing to deal with, terminating business activities with, or otherwise taking any action that is intended to penalize, inflict economic harm on, or limit commercial relations with a company because the company:
- engages in the exploration, production, utilization, transportation, sale, or manufacturing of fossil-fuel based energy and does not commit or pledge to meet environmental standards beyond applicable federal and state law
During his continued efforts to implement state law, Treasurer Russ has determined that Barclays PLC is another financial company ineligible for state contracts because they have publicly committed to boycott fossil-fuel companies.
Barclays PLC set project restrictions with direct financial boycotts to ‘Energy Groups’ against any expansion or infrastructure projects. They are targeting coal mining and power companies stating that “from 2024 we will no longer provide project finance, or other direct finance to energy companies, for new upstream oil and gas projects or related infrastructure.” By January 2025, Barclays PLC “expect[s] all ‘Energy Groups’ to produce transition plans and decarbonization strategies” far exceeding Oklahoma’s requirements.
With these examples of extreme environmental investment strategies, his office will continue to thoroughly review financial companies doing business with the State of Oklahoma whose ESG policies commit to driving unattainable expectations and demands. Oklahoman’s tax dollars and State pension funds will not be used to sabotage the State’s vital fossil-fuel based industries, whether those strategies target current investment policies or long-term goals.
The State Treasurer is committed to upholding the Oklahoma Energy Discrimination Elimination Act, “The third installment of this list shows progress in the state contending with companies targeting Oklahoma industry and ultimately Oklahoma jobs,” said the Treasurer.
