NORTH DAKOTA (KXNET) — KX News has uncovered new information about the controversy surrounding our State Investment Board and how they are investing your tax dollars.
The amount of money that the SIB has given to banks and money managers who oppose the state’s fossil fuel industry is much greater than previously reported.
We have been crunching the numbers and what we found may surprise you.
We knew the State Investment Board had given these banks and money managers millions of our tax dollars.
But after digging into the numbers, we are now talking about billions of dollars.
To be specific, it’s $2,461,878,192.00 or $2.46 billion.
As of September 30, financial reports of the State Investment Board show that this is what the State Investment Board has given to four banks and money managers who, as we have been reporting, are members of the Net Zero Banking Alliance – a group backed by the United Nations – and committed to phasing out fossil fuels.
Three of the four banks are also under investigation in 19 states for potential violations ranging from consumer fraud to anti-trust violations.
Our own Attorney General Drew Wrigley and most members of the State Investment Board including its chairman, Lt. Governor Brent Sanford, refuse to discuss the issue – while other Republican leaders like Senator Kevin Cramer and NDGOP Party Chairman Perrie Shaffer are speaking out about the growing controversy.
Key North Dakota legislators were briefed recently on the impacts that starving the fossil fuel industry of investment capital is already having.
Utah State Treasurer Marlo Oaks briefed our Energy and Natural Resources Committee on the dangers he sees in the investment philosophy called ESG.
ESG, which stands for environmental, social, and governance, allows money managers to take our tax dollars but, at the same time, oppose investing those dollars in the fossil fuel industry.
This chart alone shows that financing for the oil and gas industry nationally dropped from nearly $25 billion to just under $3 billion – a 90% drop in just one year alone.
So, will our State Investment Board continue to give nearly $2.5 billion to money managers who not only oppose the energy industry but who are also under a serious multi-state investigation into their business practices?
KX News reached out to the State Investment Board Chair.
They did not dispute the fact that nearly $2.5 billion of your tax dollars are being given to money managers who have pledged to eliminate the use of fossil fuels.
The Retirement Investment Office administers the investment program on behalf of the SIB.