Press Releases

U.S. Treasury Encouraging ‘Managed Phaseout’ of Coal, Other Fossil Fuel Energy

State Treasurer Riley Moore today condemned a new effort by the Biden Administration and U.S. Treasury to encourage the banking and financial services industries to implement an accelerated transition of investment and financing activity away from the coal, oil and natural gas industries.

The U.S. Treasury Department on Tuesday released new “Principles for Net-Zero Financing & Investment” encouraging American financial institutions to leverage their economic power to transition the country away from the coal, oil and natural gas industries.

“This is yet another attempt by the Biden Administration to use command-and-control central planning tactics to implement the Green New Deal policies that have been repeatedly rebuked in Congress,” Treasurer Moore said.

As part of its focus to encourage the nation’s financial institutions to implement net-zero activities, the principles call for companies to use their financing, investing and advisory services to promote a “managed phaseout” away from fossil fuels and accelerate the transition to zero-emissions assets.

It specifically calls on financial institutions to direct capital toward replacing coal-fired power with wind and solar generation.

“This policy framework is a direct shot at West Virginia’s economy,” Treasurer Moore said. “It’s sad that when consumers are facing skyrocketing gas and electricity prices this Administration’s solution is to double-down on the failed policies that have driven the rampant inflation of recent years.

“West Virginia is standing firm against these efforts by enacting reforms like our Restricted Financial Institutions List, which prohibits financial institutions from doing business with my Office if they take actions intended to harm the fossil fuel industries — and institutions that comply with this new Biden agenda may find themselves on this List,” Treasurer Moore said.

Treasurer Moore and West Virginia have been leading the way in the fight against the extreme climate agenda from the Biden Administration and their allies on Wall Street.

Last January, Treasurer Moore was the first elected official to divest funds from BlackRock over its activist behaviors. He also championed legislation to create the country’s first Restricted Financial Institutions List, which prohibits state banking contracts with institutions shown to be engaged in boycotts of the fossil fuel industries.

Treasurer Moore has also worked with and supported colleagues in other states – including Arizona, South Carolina, Utah, Arkansas, Missouri, Louisiana, Florida, Kentucky and Oklahoma – as they implement similar measures in their states.

“We need to restore investment in traditional energy sources like coal, oil and natural gas and restore America’s energy independence and quit using the heavy hand of government to prop up failed technologies that do not make economic sense,” Treasurer Moore said.

The Treasury does not collect state taxes. Visit the The West Virginia State Tax Department for assistance.

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