August 5, 2022

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Good morning. Republican state officials have found a new way to push back against "woke capitalism"— by punishing companies that distance themselves from fossil fuels.

Climate change isn't a partisan issue in many countries. Both right-leaning and left-leaning parties favor policies to reduce greenhouse gas emissions, even if they fight over the specifics of those policies. This consensus allowed the European Union to cut emissions sharply over the past few decades, as the threat of global warming became clearer.

In the United States, of course, climate is a partisan issue. Nearly all elected Democrats favor actions that slow climate change. Almost no Republicans in major policymaking positions — including members of Congress and the Republican appointees on the Supreme Court — support these policies.

Today, The Times is publishing a story that examines another part of this issue, at the state level. I'm turning over the rest of today's lead newsletter item to my colleague David Gelles, who wrote the story.

The investment firm BlackRock in Manhattan.Hiroko Masuike/The New York Times

Coal vs. Wall Street

By David Gelles

Since the election of President Donald Trump, American corporations have been increasingly drawn into the country's culture wars. Big companies — like Google and Coca-Cola — have decided that they need to take positions on issues, including immigration, climate change, gun laws and voting rights.

Corporate America's stances on these issues have been an attempt to reflect the values of its employees and customers, many of whom are younger and live in major metropolitan areas. As a result, these corporate positions have generally aligned with those of the Democratic Party, which has led to a fair bit of hand-wringing by Republicans. Mitch McConnell, the Republican leader in the Senate, at one point warned companies to "stay out of politics," and other conservatives have scoffed at "woke capitalism."

Recently, Republican officials have also begun finding ways to hit back. Florida lawmakers this year stripped Disney of a special tax status because the company opposed a new education law that opponents call "Don't Say Gay." But perhaps the party's most significant effort has received relatively little attention so far: Republican state treasurers are taking steps to punish companies that they say are unduly focused on environmental issues.

Last week, Riley Moore, the treasurer of West Virginia, used a new state law to ban five Wall Street firms, including Goldman Sachs and JPMorgan, from doing business with the state, because, he said, the companies were distancing themselves from the coal industry.

Riley Moore, West Virginia's state treasurer.Kristian Thacker for The New York Times

Similar bans are probably on the way elsewhere. Lawmakers in a handful of other states, including Kentucky and Oklahoma, have already passed laws that resemble the one in West Virginia. In a dozen more states, legislators are at work on similar bills.

Treasurers in three states have also withdrawn a combined $700 million from investment funds managed by BlackRock, the world's largest asset manager, over objections to its stance on environmental issues.

These efforts to penalize companies are part of a larger push by Republican treasurers to promote fossil fuels and thwart climate action at both the federal and state levels. The treasurers are working in concert with a network of conservative groups that have ties to the fossil fuel industry, such as the Heritage Foundation and the Heartland Institute.

When I spoke with Moore, he framed his efforts to punish the Wall Street firms as a way to protect the livelihoods of West Virginians. If the banks don't want to do business with coal companies, he said, why should he do business with them?

In response, the banks say that coal is a bad investment and that all industries are going to have to contend with climate change. Bank officials add that they still do plenty of business with oil and gas companies.

Still, these battles move the U.S. closer to a world of red brands and blue brands, in which politics will come to affect parts of life that once seemed separate from it. People on both sides of the aisle are concerned that things have gone too far.

"I don't like the idea that if you're a Republican, you have to bank with this company, and if you're a Democrat, you have to bank with that company," said Noah Friend, a Republican lawyer who previously worked for Kentucky's treasurer, one of the officials trying to stop climate action. "We already have a lot of divisions in this country."

But it seems unlikely that the trend will stop anytime soon. For both Democrats and Republicans, the substance of these fights — on the climate, civil rights, religious freedom and more — tends to matter more than the abstract principle that not everything should be partisan.

You can read my story, which includes details about the many ways that Republican treasurers are promoting fossil fuels, here.

Continue reading the main story


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THE LATEST NEWS

Politics

The Biden administration declared the monkeypox outbreak a national health emergency, releasing extra funds.
Senator Kyrsten Sinema, a key centrist, agreed to advance a modified version of the Democrats' climate and tax bill.
Kari Lake, who campaigned on false claims of a stolen 2020 election, won Arizona's Republican primary for governor.
Gov. Ron DeSantis of Florida suspended Tampa's top prosecutor, who had vowed not to prosecute abortion cases.
The Hungarian leader, Viktor Orban, who has violated democratic traditions and criticized "mixed race" societies, spoke yesterday at a Republican conference in Dallas.
"There has never been an individual who is a greater threat to our republic than Donald Trump," former Vice President Dick Cheney said in a campaign ad for his daughter Liz.

International

A missile launch in a photo released yesterday by China's military.Eastern Theatre Command, via Reuters

China sent warships and aircraft toward Taiwan today, an apparent response to Nancy Pelosi's visit.
U.S. and Iranian negotiators arrived in Vienna for another attempt at reviving the 2015 nuclear deal.

MORNING READS

Bishop Lamor Whitehead, who was robbed during a service at his church in Brooklyn, returned on Sunday to deliver a sermon.Victor J. Blue for The New York Times

Theft, fraud, prison: The wild life of a bishop robbed at the pulpit.

Recreation: Two decades of America at leisure.

Loch Ness monster: New evidence is offering hope to some Nessie enthusiasts.

Breaking barriers: Chun Wai Chan is the New York City Ballet's first principal dancer from China.

Modern Love: What could they have been, if they had been raised to believe that love is never a sin?

A Times classic: How American families are changing.

Advice from Wirecutter: Consider a "carbage can."

Lives Lived: The Conceptual painter Jennifer Bartlett was a maverick best known for "Rhapsody," a collection of 987 enameled steel plates stretching more than 150 feet. She died at 81.

SPORTS NEWS FROM THE ATHLETIC

The 2022 N.F.L. season kicked off: The Las Vegas Raiders beat the Jacksonville Jaguars last night in the league's annual Hall of Fame game, a contest played by guys you will rarely see in meaningful regular-season action. Hope you got some sleep. On to next week.

Ohtani Watch begins again: Shohei Ohtani, the pitching-hitting unicorn of the Los Angeles Angels and 2021 M.L.B. MVP, wasn't traded this week. But word is Ohtani will be changing teams — it's simply a matter of when. On cue, Ohtani drilled two homers last night — in a loss.

The English Premier League season starts today: Arsenal and Crystal Palace kick things off today at 3 p.m. ET. Season predictions? Manchester City is the runaway favorite.

ARTS AND IDEAS

Back to the '80s

Forty years ago, one summer produced a string of classic sci-fi titles: "Blade Runner," "E.T.," "Tron," "Star Trek II: The Wrath of Khan" and "The Thing." These films expanded the genre outward — into horror, heady drama, family fare and franchise sequels — in such a way that they still feel like the blueprint for today's blockbusters, Adam Nayman writes in The Times.

If you didn't grow up with these movies, would they still feel innovative? The Times asked four young sci-fi stars, all born in the 21st century, to watch one and give an honest review. "I don't know how I made it this far without knowing that Spock dies at the end," said Celia Rose Gooding, a star of the newest "Star Trek" series. "I feel like a terrible franchise member."

PLAY, WATCH, EAT

What to Cook

David Malosh for The New York Times. Food Stylist: Simon Andrews.

Try the Korean dish hobak jeon: battered and fried slices of zucchini.

What to Read

With her memoir "I'm Glad My Mom Died," Jennette McCurdy is ready to move on, and to look back.

What to Watch

"I Love My Dad" is a daddy-issues movie with a queasy premise truly made for these times.

Late Night

The hosts discussed Brittney Griner and the Choco Taco.

Take the News Quiz

How well did you keep up with the headlines this week?

Now Time to Play

The pangram from yesterday's Spelling Bee was locomotion. Here is today's puzzle.

Here's today's Mini Crossword, and a clue: Stereotypical dog name (4 letters).

And here's today's Wordle. After, use our bot to get better.

Thanks for spending part of your morning with The Times. See you tomorrow. — David

P.S. Calling all word game fans: Do you have questions about Spelling Bee for its editor Sam Ezersky? He'll answer them in a future newsletter. Submit them here.

Here's today's front page.

"The Daily" is about vacationing during the pandemic. On "The Ezra Klein Show," the politicization of gender.

Matthew Cullen, Ian Prasad Philbrick, Tom Wright-Piersanti, Ashley Wu and Chris Stanford contributed to The Morning. You can reach the team at themorning@nytimes.com.