Kentucky Senate passes bill aimed at energy boycotts
FRANKFORT, Ky. (AP) — The Kentucky Senate has passed legislation that would keep the state’s government from doing business with financial companies that have decided to cut their investments in fossil fuels.
The bill passed the Republican-dominated Senate 26-5 on Monday and now awaits House input.
Under the legislation, the Kentucky state treasurer would be required to publish, maintain and update a list of financial companies engaged in energy company boycotts. That list would then be shared with state government entities making investments of more than $1 million annually. If a financial company did not end the boycott, the bill would require that the state government entity divest from those holdings.
GOP Sen. Robby Mills, lead sponsor of the bill, said that divestment would not be required “if reasonable evidence shows that it would cause the government entity to suffer a loss.”
During debate on the bill, Democratic Sen. David Yates warned that the bill would make it difficult for the state to attract new businesses.
“This legislation creates a blacklist that’s going to make it very difficult for us to go and recruit these companies to locate and create jobs of the future,” he said.