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Climate activists with Stop the Money Pipeline hold a rally in New York City to urge companies to end their support for the proposed Line 3 pipeline project and stop funding fossil fuels and forest destruction, April 17, 2021.

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In October, Scott Fitzpatrick, then-treasurer of Missouri, announced his state would pull $500 million out of pension funds managed by BlackRock.

He said he would move Missouri’s money away from the asset manager because it was “prioritizing” environmental, social and governance investing over shareholder returns. Fitzpatrick, a Republican who won election as the state’s auditor in November, used his office as treasurer to target BlackRock after years of criticizing Wall Street for a perceived turn toward investing focused on climate and social issues.

As he homed in on BlackRock, Fitzpatrick quietly held a financial stake in a massive fossil fuel company that could suffer from the broader adoption of alternative energy. Fitzpatrick and his wife owned a more than $10,000 stake in Chevron during both of 2022 and 2021, according to his latest financial disclosures filed with the state.

Fitzpatrick is among a group of powerful Republican state leaders who have waged similar fights against environmentally conscious investing as they held personal investments in, or saw political support from, the fossil fuel industry.

A handful of state financial officers who have similarly attacked ESG practices owned stock or bonds in oil, gas or other fossil fuel companies in recent years, according to the latest state financial disclosure reports reviewed by CNBC. Some of the state officials have received campaign donations from fossil fuel companies or their executives.

State leaders face possible conflicts of interest when they have a chance to see financial gains from the fossil fuel industry as they use their offices to defend the sector — or in some cases move their state’s dollars away from clean-energy investments, government ethics experts told CNBC. As the officials ramp up their criticism of Wall Street investment practices, a lack of state laws requiring regular stock disclosures makes it difficult for the public to monitor what personal stake their representatives could have in the actions they take in office.

Brandon Alexander, the chief of staff to the Missouri auditor’s office, told CNBC in an emailed statement that Fitzpatrick’s publicly traded securities are either in a trust or qualified retirement accounts that are managed by a financial advisor.

“Other than employer sponsored retirement accounts (the entirety of which are invested in target date funds over which he has no control), all of Auditor Fitzpatrick’s publicly traded securities, are held in a trust or in qualified retirement accounts which are actively managed by a financial advisor to whom he gives no direction,” Alexander said. “He has never ‘had private briefings tied back to the fossil fuel industry’ nor does he personally direct or execute trades himself. Auditor Fitzpatrick stands by his criticism of the ESG movement, especially as it relates to the application of ESG standards in the management of public funds.”

Unlike members of Congress, state financial officers in many cases only have to disclose their stock ownership once a year. In some states, they do not have to divulge their investments at all. In contrast with federal lawmakers, they also do not have to file regular records disclosing their new trades.

None of the officials mentioned in this story engaged in illegal conduct. But the fact that they have investments that could be helped by their high-profile campaigns against ESG investing may create trust issues with the people they represent, says ethics experts.

“This is a problem that we have elected officials at the federal and state level that are simply not willing to avoid personal financial conflicts of interest,” Richard Painter, who was the chief White House ethics lawyer in the George W. Bush administration, told CNBC in an interview. “You could have someone own stock in a company and pursue policy that could benefit that company. What’s good for Exxon Mobil’s stock is not necessarily good for America.”

Painter said that owning such stock is not illegal for state based leaders. Congressional lawmakers are also allowed to own stock but the 2012 STOCK Act disallows members of Congress to use non-public information to gain a profit and prohibits insider trading.

Another government ethics expert also cited an appearance of conflict as an issue for public officials.

“If an official has a financial interest in a company or an industry, it is reasonable to question whether that interest impacts how they approach their government work,” Donald Sherman, a senior vice president and chief counsel for watchdog group Citizens for Responsibility and Ethics in Washington, told CNBC in an interview.

The fight against ESG investment standards has become a core issue for some Republicans at the federal and state level. Many of those officials have used their positions to target companies they believe are too politically active or, in some cases, are hurting certain industries, such as fossil fuels.

In the case of state financial officers, they have the power to shift public assets or pension funds away from certain firms and to other institutions.

Vocal ESG critics have fossil fuel ties

Georgia’s state treasurer, Steve McCoy, was appointed by Republican Gov. Brian Kemp in 2020. He was among state financial officers, including Fitzpatrick in Missouri, who last year co-signed a letter to President Joe Biden opposing policies that promote ESG. The Biden administration has promoted environmentally conscious investing, and the president used his first veto on a measure that would have shot down a Labor Department rule that promoted ESG policies.

The letter said the state officials “believe the White House should be spearheading a call to invest in American energy instead of pursuing ESG initiatives that divide American energy businesses and discourage investment in these reliable energy industries.” The group went on to say that “freedom is the key to addressing climate change. The depth and breadth of American innovation is unparalleled globally, including the development of green technologies. However, oil, gas, coal, and nuclear are currently the most reliable and plentiful baseload power sources for America and much of the rest of the world.”

McCoy is one of the state financial officers who held an investment in fossil fuels. He had a stake in the industry as recently as 2020 — though changes in disclosure rules mean he has not had to disclose his assets more recently.

McCoy disclosed in 2020 that he owns bonds in fracking company Halliburton and a stake in the U.S. Oil Fund, an ETF that tracks the benchmark price of U.S. crude oil. The disclosure says that these stakes are either “more than 5 percent of the total interests in such business or investment, or [have] a net fair market value of more than $5,000.”

The 2020 disclosure was the last time McCoy filed a document showing his investments. Some states, including Georgia, do not require officials who hold key state positions to file full disclosure forms, and require those leaders to publish only a one-page affidavit, according to Haley Barrett, a spokeswoman for Georgia’s Government Transparency and Campaign Finance Commission.

Two of McCoy’s affidavits filed with the state say virtually nothing about his business dealings and stock holdings. McCoy’s most recent affidavit, from 2022, shows his titles as treasurer and as a member of a variety of boards, including the state Depository Board.

McCoy also had to sign a statement to confirm that he has taken “I have taken no official action as a public officer in the previous calendar year which had a material effect on my private, financial or business interests.” That affidavit and a 2021 version of the document does not say whether McCoy currently owns any stocks in the fossil fuel industry.

When asked about what the state ethics commission does to verify if those signed statements are accurate, Barrett said in an email that “once these documents have been filed with our office and reviewed, there is an opportunity to determine if there are any discrepancies in the filings. Investigations can be initiated internally through our office or by a third party complaint.”

McCoy and his office did not return requests for comment.

McCoy is far from the only ESG critic who has a financial or political interest in fossil fuel companies.

Texas’ state comptroller, Glenn Hegar, argued in letters to money managers last year that he believes firms such as BlackRock, HSBC and UBS are boycotting the energy industry, saying in a statement at the time that he believes “environmental crusaders” have created a “false narrative” that the economy can transition away from fossil fuels. Hegar co-signed an open letter in 2021 with other state financial officers that was addressed to the U.S. banking industry and defended the fossil fuel industry.

“We will each take concrete steps within our respective authority to select financial institutions that support a free market and are not engaged in harmful fossil fuel industry boycotts for our states’ financial services contracts,” the letter reads.

He also co-signed the 2022 letter to Biden from a slate of other state financial officers defending the fossil fuel industry.

Hegar has since escalated his campaign against the institutions. Hegar sent letters to fellow state money managers arguing that they have not done enough to cut ties with BlackRock and other firms that he said boycotted the oil and gas industry, Bloomberg reported in February.

In the lead-up to his anti-ESG push, Hegar owned stock in the oil and gas industry. In 2021, the Texas comptroller and his spouse owned between 100 and 499 shares of Devon Energy and up to 99 shares of ConocoPhillips, according to his latest financial disclosure.

His financial records from all of the previous years since he became state comptroller in 2015 do not show any stock in these two companies or in the fossil fuel industry at large.

Hegar’s political ambitions have also seen a boost from the oil and gas industry — a dominating force in Texas. During his 2022 reelection, Hegar received donations from a range of PACs and executives from the oil and gas business.

His campaign received $10,000 last year from Ben “Bud” Brigham, the chairman of oil and gas development company Brigham Exploration, according to state campaign finance records. The PACs of Chevron, ConocoPhillips, Devon Energy, Calpine Corp. and Valero Energy were among Hegar’s fossil fuel donors during his run for reelection last year, according to state records.

Hegar and his office did not return requests for comment.

Jimmy Patronis, Florida’s chief financial officer, has been railing against ESG investment standards since around the time he was reelected to the position in November. Patronis was also among the co-signers of the 2022 letter to Biden defending the fossil fuel industry.

By December, Patronis announced that the Florida Treasury would start divesting $2 billion of assets managed by BlackRock. In an interview on CNBC’s “Squawk Box” in February, Patronis explained the decision.

“The bottom line: I’m seeing dollars are being siphoned off. I’m seeing individuals, like [BlackRock CEO Larry] Fink and others that are using the state of Florida’s money for a social agenda,” he said.

He added: “I just care about returns. And I’m not seeing that.”

Heading into 2022, he also had a financial interest in the fossil fuel industry.

Patronis owned 100 shares combined of Exxon Mobil and Chevron — the two largest gas companies in the world — at the end of 2021, according to his most recent publicly available disclosure.

His personal interest in fossil fuel companies has grown in recent years. In 2018, he disclosed only about 10 shares of Exxon and did not list any Chevron stock.

The document was the first time since 2018 that Patronis listed investments in the sector.

Frank Collins III, the state’s deputy chief financial officer, told CNBC in a statement that Patronis believes ESG efforts are part of a campaign to decimate the oil and gas industry. He said Patronis does not personally make trading or investment decisions for the state’s retirement systems.

“The CFO wants great returns for those in Florida’s retirement funds, nothing else. While the ESG movement has been on a campaign to erase America’s oil and gas industry from the map, those industries were making returns for investors,” Collins said.

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Our only oil and natural gas stock stands to win big if a key pipeline project is revived

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May 28, 2025

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Our only oil and natural gas stock stands to win big if a key pipeline project is revived

New York Governor Kathy Hochul (C) holds a picture of US President Donald Trump during a press conference at Grand Central Terminal on Feb. 19, 2025 in New York City.

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Electrek Formula Sun Grand Prix 2025: Now just over a month away

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May 28, 2025

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Electrek Formula Sun Grand Prix 2025: Now just over a month away

electrek formula sun grand prix solar car event

Coming in hot… well, as hot as these solar cars can get, upwards of 60 mph.

It’s hard to believe we’re just over a month away from this year’s Electrek Formula Sun Grand Prix 2025 collegiate solar car track event! In July, some of the greatest engineering minds from universities across North America will roll into Bowling Green, Kentucky, with their respective hand-built solar-powered EVs to go head-to-head in a competition all about pushing the limits of sustainable transport. The goal? Complete as many laps as possible each race day using nothing but sunshine.

The event is open to the public and free to attend. Raycing kicks off on July 3 from 10 a.m. to 6 p.m. CT and continues through July 5 from 9 a.m. to 5 p.m. CT. You’re not going to want to miss this!

As a refresher, the Formula Sun Grand Prix (FSGP) is held annually and typically acts as a pre-qualifier for the American Solar Challenge (ASC), a cross-country solar car race held every two years. During ASC years, FSGP is where teams prove their vehicles are road-worthy and safe enough to trek over 1,500+ miles from Tennessee to Wyoming on public roads.

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This year, however, is an off-year for ASC. Teams will only compete in the track event. Here are last year’s FSGP/ASC results and highlights.

The 2025 Electrek FSGP will again be held at the National Corvette Museum Motorsports Park in Bowling Green, Kentucky, which, interestingly enough, General Motors occasionally uses for Corvette testing and development. It’s here, students will go head-to-head in a grand prix-style event, competing to complete as many laps as possible using nothing but solar power. It may sound simple, but it’s a test of speed, efficiency, and endurance.

Last year’s event drew a record turnout, with more than 32 teams and 710 student participants from universities across the U.S. and Canada.

The ASC and FSGP are organized by the Innovators Educational Foundation (IEF), a 501c3 non-profit providing hands-on, multidisciplinary learning opportunities for college students. In 2023, Electrek announced the signing of a five-year title sponsorship agreement with the IEF, which will guarantee funds to host the yearly races through 2028.

This was a natural fit. EVs, solar power, sustainable transport, and collaboration—this is what we’re all about at Electrek, and we’re thrilled to once again be a part of such an incredible event.

Other 2025 Electrek FSGP sponsors include Altair, Blue Origin, MathWorks, Generac, and in previous years Tesla, which have used the event as prime recruiting grounds. In fact, in past years, one recruiter even told Electrek that “getting great employees at the Formula Sun Grand Prix was like shooting fish in a barrel” and added “students at these events are orders of magnitude more likely to yield successful hires than typical campus recruiting events.”

And when it comes to industry talent, FSGP/ASC has serious roots.

JB Straubel, Tesla’s co-founder, ex-CTO, and current sitting board member, got his start in the Stanford Solar Car program. While he currently serves as CEO of lithium-ion battery materials company Redwood Materials, Straubel talks about how many of Tesla’s early hires came straight out of that same solar car team in the video below.

If you’re interested in joining us in sponsoring these events, please get in touch here!

We’ll continue to post more details, including the full schedule, as the race nears! Keep an eye on the website as well.

2024 Electrek FSGP/ASC recaps

Below are the full recap videos from the Formula Sun Grand Prix/American Solar Challenge. The event’s official Flickr page has also amassed more than 1,500 photos. Check them out—they’re super cool!

More details and full results on last year’s Electrek American Solar Challenge and Formula Sun Grand Prix can be found on the event’s website.

Note: The Formula Sun Grand Prix is not in any way associated or affiliated with the Formula 1 companies, FORMULA 1 racing, or the FIA Formula One World Championship.

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Nissan claims buyouts for workers at US EV plant are a ‘crucial’ part of its comeback

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May 28, 2025

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Nissan claims buyouts for workers at US EV plant are a 'crucial' part of its comeback

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The struggling carmaker is urgently cutting costs as it looks to turn things around. Nissan is offering buyouts to US workers at its Canton, Mississippi, plant, citing it as a “crucial” part of its comeback plan.

Nissan offers buyouts for US workers at its Canton plant

Nissan has been in the spotlight over the past few weeks for all the wrong reasons. It began earlier this month, following the company’s announcement that it was abandoning plans to build a new EV battery plant in Japan.

The facility was set to produce lower-cost LFP batteries, which have been key to BYD and other Chinese EV brands’ rapid rise in the global auto industry. With an annual production capacity of up to 5 GWh, the plant was expected to slash EV battery costs by 20% to 30%.

Facing slumping sales, lower profits, and more competition, Nissan launched its new recovery plan, dubbed “Re:Nissan,” earlier this month.

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The comeback strategy involves cutting 20,000 jobs, or around 15% of its global workforce, by 2027. Nissan is also closing several plants to slash costs by 250 billion yen as it aims to return to profitability by fiscal year 2026.

Nissan-buyouts-US-plant
2025 Nissan Ariya Platinum+ e-4ORCE (Source: Nissan)

According to an internal email, viewed by Reuters, Nissan is offering buyouts for US workers at its Canton plant. The email also stated that merit-based pay increases are suspended globally.

Christian Meunier, Nissan America’s chairman, said the buyouts are “crucial for Nissan’s comeback” in the US, its most important market.

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Nissan’s new LEAF EV (Source: Nissan)

“While substantial efforts have been made in the US to help right-size Nissan, we need to take additional, limited, strategic action here at a local level,” Meunier said in an email.

Nissan announced a voluntary separation program for a select number of US salaried employees. Since the plan is still ongoing, Nissan didn’t provide any further details.

Nissan-buyouts-US-plant
Nissan’s upcoming lineup for the US, including the new LEAF EV and “Adventure Focused” SUV (Source: Nissan)

On Wednesday, a separate report from Bloomberg News claimed that Nissan is looking to raise over 1 trillion yen ($6.9 billion) with the help of the UK government to repay a massive loan due next year.

Nissan invested $500 million to upgrade its Canton plant for electric vehicle (EV) production in the US. Although it initially planned to begin building EVs in the US this year, Nissan delayed production until at least 2028.

New-Nissan-LEAF-spotted
Nissan next-gen LEAF testing in the US (Source: KindelAuto)

Later this year, Nissan will launch the upgraded LEAF, now with a longer driving range, an NACS charging port, and a more SUV-like design. It will be one of ten new Nissan or Infiniti models to launch by 2027.

Electrek’s Take

As Electrek reported yesterday, Nissan’s comeback plan hinges on its upgraded e-Power technology. The only issue is that the system is designed for hybrids.

Nissan is following in Toyota and Honda’s footsteps by advancing new hybrid and plug-in hybrid tech, but the company is already two steps behind.

Doubling down on hybrids and PHEVs while delaying more EV projects will likely only set Nissan up for failure over the next few years.

The Japanese automaker is already losing market share in some of its biggest markets, like China and Southeast Asia.

Can Nissan turn things around in the US, its most important market? Or, will it continue to fall out of favor with lower-cost, more advanced EVs on the way from brands like Rivian and Lucid? Let us know your thoughts in the comments.

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