ESG backlash

Federated Hermes, Invesco, Fidelity Investment and Wells Fargo listed as “sponsors” by US foundation, while JP Morgan and KKR are flagged as “friends of SFOF sponsors”.

The firms are to be placed on the Restricted Financial Institution List in 45 days unless they provide information demonstrating they are not engaged in a boycott of energy companies.

Fossil fuel boycott bill comes amid a revolt against ESG investing and divestments by certain US states.

World’s largest banks and managers deny they meet Texas’s legal threshold for boycotting fossil fuels

'You see legislators tying themselves in knots in writing these laws that don’t make sense,' says one market participant.

Texas law requires divestment from financial firms who boycott fossil fuels

More Republican senators and congressman, as well as state legislator associations, have pushed back against the inclusion of sustainability considerations.

Republican members of Senate banking committee warn of “political favouritism” and “radical policies”