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In 2022, state financial officials with ties to fossil fuel interests have been working to roll back progress on climate action and climate disclosure in the financial sector. This includes banning government contracts with banks that are reducing their investments in coal or working to force government funds to sell their shares in companies that are perceived as not supporting fossil fuels.
Fortunately, other elected officials are pushing back: state treasurers from thirteen states published an open letter recognizing the long-term financial and economic risks that climate change poses to their constituents and public investments.
The efforts to punish financial institutions taking even minimal action on climate are being coordinated in part by the State Financial Officers Foundation, an organization with ties to groups including the American Legislative Exchange Council, the Heritage Foundation, the Heartland Institute, and the American Petroleum Institute, which have a long history of spreading climate disinformation and obstructing climate policy.
Act now to push back on these trends. Write today and tell your state treasurer to take the major financial and economic risks posed by climate change into account when making investment policy on behalf of their constituents.