web analytics

West Virginia Penalizes Banks Including JPMorgan, Goldman for Coal ‘Boycotts’

West Virginia will no longer award state business to a group of banks including JPMorgan Chase & Co. and Goldman Sachs Group saying their efforts to combat climate change amount to a boycott of the state’s coal industry.

State Treasurer Riley Moore said the banks’ decisions to curb financing for coal companies is harming the state’s economy, limiting tax revenues and costing residents jobs. State lawmakers had passed a law earlier this year giving him the authority to create the list of banned entities, which also includes Wells Fargo & Co., Morgan Stanley and asset manager BlackRock