JEFFERSON COUNTY, W.Va. (WDVM) — It’s the talk of Washington, D.C. – green energy. West Virginia’s state treasurer isn’t happy about the financial implications for coal and natural gas here at home.
Banks no longer want to do business with the energy industry in West Virginia. The state treasurer is fighting back. The Biden administration wants banks to cut off financing for any industry engaged in fossil fuels. How does Riley Moore, West Virginia’s state treasurer feel about that?
“We’re standing up and fighting back against the big banks,” said Moore.
Industry in the Mountain State isn’t at all happy about the green new deal.
“I have heard from coal and gas companies here in West Virginia that say they are losing access to capital,” said Moore. “They’re no longer able to finance their projects.”
Moore said, “you banks want us to deposit our billions in tax collections in your accounts? If they want to continue to do business with us, with our state, West Virginia, they need to do business with our industries.”
And the timing of all this is most inopportune says Treasurer Moore.
“The big banks around the country right now are stopping lending to the fossil fuel industry. That’s coal and natural gas and oil in this country,” said Moore. “And we’re in the middle of an energy crisis no less.”
And if the banks do want to go down this road they do so at their own risk, said Treasurer Moore.
“I’ve formed a 15-state coalition with state treasurers from around the country,” says Treasurer Moore. In between us all, we have $600 billion under management.”
Treasurer Moore says some banking contracts are at stake. And he is not the least bit happy with President Biden’s nominee to be comptroller of the currency. She is calling for all U.S. banks to cut off investment in coal, oil and natural gas.