Financial institutions wanting to take climate action may no longer be able to do business with the state of Tennessee.Last week, the Tennessee General Assembly passed a bill that prevents the state from working with banks or financial institutions that won’t work with fossil fuel companies — with an exception for when the state is unable to find an alternative.Sen. Todd Gardenhire, R-Chattanooga, summarized the bill during the Senate vote last week.

“This bill would prohibit the state treasurer from entering into a contract or amendment with a state depository if the institution has a policy that prohibits financing to companies in the fossil fuel industry,” Gardenhire said.

Tennessee plans to boycott banks, financial institutions that divest from fossil fuels | WPLN News