Baden-Württemberg takes ‘a blunt approach’ that leads to creation of so-called exclusions list.
https://www.bloomberg.com/news/articles/2023-06-06/us-treasuries-blacklisted-by-german-state-as-esg-law-takes-hold
A German state refuses to buy Treasurys because the US doesn't meet its ESG standards
https://finance.yahoo.com/news/german-state-refuses-buy-treasurys-014324582.html
Baden-Württemberg is excluding Treasurys from its holdings because the US government falls short of the German state's new sustainable-investing criteria, according to Bloomberg.
The state adopted a law earlier this year that put environmental, social, and governance considerations at the same level as profitability and liquidity when allocating its roughly $18 billion in holdings, the report said.
Investment decisions must now be based on the UN Sustainable Development Goals, the EU's Taxonomy Regulation, and the Paris Agreement on climate change