ALEC Is Pushing A Bill That Punishes Banks For Divesting From Fossil Fuels
As climate change accelerates and environmental disasters proliferate around the world, a Big Oil-funded business lobbying group has decided to attack financial firms that are taking their money out of fossil fuel companies, the Center for Media and Democracy (CMD) has learned.
This month at the annual States and Nation Policy Summit of the right-wing American Legislative Exchange Council (ALEC), a pay-to-play organization that brings together corporate lobbyists and mostly Republican state lawmakers to author model legislation, members of the group’s energy task force voted unanimously to approve a new model policy that would prevent financial companies that end investments in oil, gas, and coal companies from receiving state government contracts or managing state funds.