41.470 Legislative findings.

233 words·~1 min read·/ky/chapter-41/41-470

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The General Assembly finds that:

(1)Fossil fuels currently supply more than eighty percent (80%) of the world’s primary

energy, and the United States Energy Information Administration still projects

global consumption of fossil fuels to increase steadily at least through 2050;

(2)Restricting the supply of fossil fuels, without an immediate substitute for those

fuels, only serves to raise prices on energy consumers, profoundly impacting the

poorest among us;

(3)Denying financing to American and European fossil energy producers, who are

among the most socially and environmentally responsible companies in the world,

only serves to support hostile nations and less responsible producers;

(4)Banks are increasingly denying financing to creditworthy fossil energy companies

solely for the purpose of decarbonizing their lending portfolios and marketing their

environmental credentials, to the detriment of potential returns for their

shareholders;

(5)Institutional investors are divesting from fossil energy companies and pressuring

corporations to commit to the goal of the Paris Agreement to reduce greenhouse gas

emissions to zero by 2050;

(6)Large investment firms are colluding to force fossil energy companies to

cannibalize their existing businesses and direct time and attention away from

increasing shareholder returns;

(7)Corporations are boycotting fossil energy companies by refusing to provide them

with products or services; and

(8)Energy-producing states, when financially prudent, should avoid doing business

with companies that are attacking the industries that substantially contribute to their

state budgets.