LMOGA Responds to City of New Orleans Divestment Announcement

09 23, 2020 by LMOGA

Divesting from Energy Hurts Jobs, Consumers, and Economic Growth

The Louisiana Mid-Continent Oil & Gas Association (LMOGA) made the following remarks in response to the City of New Orleans bold decision to divest from ‘fossil fuel’ companies:

“Divestment from the energy industry that has been the lifeblood of our state is a flawed tactic that is incompatible with job creation, affordable energy for consumers, and economic prosperity," said LMOGA Vice President Lori Leblanc. "In addition, divesting from energy stocks is likely to have adverse impacts on the thousands of hardworking public employees who depend on their pensions to provide for themselves and their families in retirement."

"The oil and natural gas industry is the leading investor in zero- and low-carbon technologies among all industrial sectors," said LeBlanc. "Energy companies are tackling our climate challenges head on, investing in a cleaner future, reducing emissions to the lowest levels in a generation, and continuously improving our environmental performance."

"Our industry is essential for Louisiana families, our coastal resiliency, and for economic recovery from the pandemic and storms like Hurricane Laura. The City of New Orleans divestment strategy is contradictory to the environmental strides the industry is making and the economic benefits we contribute to the State."