Mike Harmon on Energy & Oil

Reducing fossil fuel production would cause state to suffer

Treasurer Allison Ball, Auditor Mike Harmon, Secretary of State Michael Adams, Ag Commissioner Ryan Quarles and Attorney General Daniel Cameron signed the two-page letter to S&P Global Ratings and called including such factors in their credit ratings "unnecessarily subjective and political judgments" that may lead to changes based on political whims.

Incorporating ESG factors in credit ratings could hurt a state like Kentucky, where producing fossil fuels is one of the state's "signature industries."

"A reduction in coal, oil and gas production would cause increased unemployment, higher fuel costs and a decrease in overall tax revenue, thereby negatively impacting Kentucky's overall creditworthiness and causing undue hardship and suffering for the people of this state," the letter stated.

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