Kentucky’s treasurer has compiled a list of almost a dozen financial companies it claims are boycotting energy companies. He warned that the state could soon divest from these firms.

On Tuesday, the Kentucky State Treasurer Allison Ball announced the names of 11 companies. These include giants like BlackRock, Citigroup and HSBC. All state government entities must inform Ball within 30 days if they do business with any of the listed firms.

In a Tuesday interview, Ball explained to the Washington Examiner that the Kentucky legislature had passed a bill last year that allows Ball’s office the power to identify companies that “boycott” oil companies. Although the firms will be subjected to divestment within 120 days, Ball stated that she hopes they change their policies so that the state doesn’t have to.

Ball stated, “We are a state that produces fossil-fuels so it is very important for us.”

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She said, “I hope we get some change from people, and this is ultimately what we want.” “We hope they’ll make changes. “… I hope that they’ll change their behavior in the coming months.”

This move is similar to those made by Texas and West Virginia, both of which are at the forefront in pushing back against corporate environmental, social and governance initiatives.

West Virginia was a major player last year when five financial institutions were deemed ineligible to receive state banking contracts due to their “boycotting” of fossil fuel companies. This is part of a larger corporate effort to prioritize ESG goals.

ESG supporters argue that it is a way for finance and business to help reform society such as by mitigating climate change. ESG opponents argue that it creates distortions in the economy and American culture.

Ball noted the state’s strong fossil fuel and coal industries. She said that she has been speaking to constituents more about ESG in recent months and that it seems to be connecting with them.

Republican-led states have pushed back against the ESG ban. Some results can be seen. According to Riley Moore, West Virginia Treasurer, the pressure from West Virginia was sufficient to force U.S. Bancorp to alter its course. According to Moore, U.S. Bank altered its policy of no lending to fossil fuel industries so that it was not eligible for state banking contracts.

Many big banks have been attacked, but BlackRock and its CEO Larry Fink have faced a lot of criticism from the GOP as well as anti-ESG crusaders.

Florida’s chief financial officers announced last month that the state would divest $2 billion from the money management company. This was the largest state divestment of BlackRock since the beginning of the year due to its position on social and environmental goals.

Jimmy Patronis, Florida’s CFO, stated that “as major banks and economists predict a recessive year in the next year, and as Fed interest rates rise to combat the inflation crisis,” and that he needs partners in the financial services sector who are equally committed to the bottom line. He also said that BlackRock’s ability not to deliver is a concern.

States like South Carolina, Missouri, Louisiana and Utah have all announced or divested hundreds of millions of dollars of BlackRock and Fink.