West Virginia treasurer adds four finance firms to ESG blacklist

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West Virginia treasurer adds four finance firms to ESG blacklist

© Reuters. FILE PHOTO: The logo for Citibank is seen on the trading floor at the New York Stock Exchange in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly/File PhotoNEW YORK -West Virginia added four financial firms on Monday to a list of institutions that may be barred from some state business because the state's treasurer deems they are boycotting the fossil fuel industry.

West Virginia, a major energy-producing state, created the list in 2002, placing five firms on it at the time. A Northern Trust spokesperson said the asset and wealth manager"does not restrict or prohibit investment in fossil fuel-based energy companies." He said Northern Trust has around $52 billion in investment exposure to companies in the traditional energy sector as of February 2024.

 

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