In Oklahoma, a judge stopped a state law that stops state pension systems from working with companies that are against investing in the oil and gas industry.
On Tuesday, Sheila Stinson, a judge in Oklahoma County District Court, issued a temporary order to stop the law from being enforced.
The law would prevent state agencies from investing with financial firms that boycott energy companies for reasons other than regular business purposes, because those companies use fossil-fuel-based energy and do not have plans to meet environmental standards.
Treasurer Todd Russ named BlackRock, Wells Fargo, JPMorgan Chase, and Bank of America as part of the 13 banned companies.
Issues related to fossil fuels and other laws have faced challenges due to their controversial environmental, social, and governance (ESG) topics, such as human rights, diversity, water, firearms, anti-corruption, and more.
Don Keenan, the former president of the Oklahoma Public Employees Association, brought a legal challenge, arguing that the law violates the state’s constitution and free speech rights.
Stinson’s order came after she found that Keenan would probably succeed in his lawsuit. She stated in her decision that the law appears to be designed to oppose the political goals of financial companies and to support the economic situation of the oil and gas sector.
In a statement sent by a representative and reported by Reuters, Russ said he was looking out for the financial interests of Oklahoma’s citizens and industries.
“This ruling is not going to stop the fight for Oklahomans against activists using ESG in the state,” he said, adding that there are plans to appeal the injunction.
