Socialism! Multiple GQP-Led States Pushing Laws To Punish Banks That Don't Lend On Coal, Oil, Gas

[hatrack]

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In a recent letter sent to John Kerry, Biden’s climate envoy, more than a dozen Republican state treasurers accused the administration of pressuring banks to not lend to coal, oil and gas companies, adding that such a move would “eliminate the fossil fuel industry in our country” in order to appease the US president’s “radical political preferences”.

The letter raised the extraordinary possibility of Republican-led states penalizing banks that refuse to fund projects that worsen the climate crisis by pulling assets from them. Riley Moore, treasurer of the coal heartland state of West Virginia, said “undue pressure” was being put on banks by the Biden administration that could end financing of fossil fuels and “devastate West Virginia and put thousands of families out of work”. “If a bank or lending institution says it is going to do something that could cause significant economic harm to our state … then I need to take that into account when I consider what banks we do business with,” Moore, who has assets of about $18bn under his purview, told the Guardian. “If they are going to attack our industries, jobs, economy and way of life, then I am going to fight back.”

The shunning of banks in this way would almost certainly face a hefty legal response but the threat is just the latest eye-catching Republican gambit aimed at propping up a fossil fuel industry that will have to be radically pared back if the US is to slash its planet-heating emissions in half this decade, as Biden has vowed. In Louisiana, Republicans have embarked upon a quixotic and probably doomed attempt to make the state a “fossil fuel sanctuary” jurisdiction that does not follow federal pollution rules. In Texas, the Republican governor, Greg Abbott, has instructed his agencies to challenge the “hostile attack” launched by Biden against the state’s oil and gas industries while Republicans in Wyoming have even set up a legal fund to sue other states that refuse to take its coal.

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But critics say Republicans are engaged in a futile attempt to resurrect an economic vision more at home in the 1950s, rather than deal with a contemporary reality where the plummeting cost of wind and solar is propelling record growth in renewables and a cavalcade of countries are striving to cut emissions to net zero and, in the case of some including the UK and Germany, completely eliminate coal. “We are seeing desperate attempts to delay the inevitable, to squeeze one more drop of oil or lump of coal out of the ground before this transition,” said Gernot Wagner, a climate economist at New York University. “They are looking to go back to a prior time, but the trend if absolutely clear. The stone age didn’t end for the lack of stones and the oil age won’t end for the lack of oil.” The Republican backlash is characterized by a large dose of political posturing, according to Wagner. “If you have aspirations of higher office in some states, you just want to signal you will sue those hippie liberals,” he said. “These are delay tactics and some of them are very ham-fisted.”

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https://www.theguardian.com/us-news/2021/jun/07/republicans-fossil-fuels-coal

[dweller]

1. YAY !

the hippie liberals are back !

✌🏻

[House of Roberts]

2. The banks don't want to lend to an industry that doesn't have a long enough term future,

to pay back the loans. Then there will be bankruptcy-inducing lawsuits to clean up more and more Superfund sites, also making said industry a bad risk.

Getting rid of undeserved subsidies will help hasten their demise.