A review by CNBC finds quite a few Red State financial officers have more than simply political interest in leading a crusade of divestment from “woke” banks that have made investments in the environmental, social and governance (ESG) sector. Among them is Missouri auditor Scott Fitzpatrick, who as treasurer pulled $500 million from the state’s pension fund out of BlackRock over their climate-focused policies, while also owning at least $10,000 worth of shares of Chevron.
Same story with Georgia treasurer Steve McCoy, who along with Fitzpatrick co-signed a letter telling the Biden Administration they “should be spearheading a call to invest in American energy instead of pursuing ESG initiatives that divide American energy businesses and discourage investment in these reliable energy industries.” McCoy, an appointee of Governor Brian Kemp, who as of 2020 owned at least $5,000 of bonds in fracking company Halliburton and a stake in the US Oil Fund, a crude oil ETF. Texas Comptroller Glenn Hegar owns hundreds of shares in ConocoPhillips and Devon Energy and apparently didn’t see any conflict of interest when he co-signed the same letter and harangued other state financial officials for not inflicting enough pain on the “woke” banks earlier this year.