(The Center Square) - Oklahoma Treasurer Todd Russ added Barclays PLC to the list of companies restricted from entering into state contracts, saying the bank has set a goal of decarbonization by January 2025.

The bank's stance far exceeds Oklahoma’s requirements outlined in the Oklahoma Energy Discrimination Elimination Act.

The EDEA, passed by the Oklahoma Legislature and signed by Gov. Kevin Stitt in 2022, prohibits the state from doing business with companies that boycott fossil fuel companies.

This is the third revision of the list that also includes Blackrock Inc., Wells Fargo and Company, JPMorgan Chase and Company, Bank of America N.A., State Street Corp., and Climate First Bank.

JPMorgan Chase and Blackrock told The Center Square last year that they do invest in fossil fuel companies.

The state's environmental, social and governance law has raised questions about its effect on cities and counties. The Oklahoma Rural Association said in a recent report that the law has unintended consequences for cities and municipalities, estimating it raised borrowing costs by 15.7% and added $184.78 million. Researchers used a "control group" of municipalities from surrounding counties in its study.

Treasurer Todd Russ said in a statement to The Center Square that municipalities were never intended to be included in the law. He cited a story from Stillwater. S&G Global Market Intelligence reported the city lined up a $15.3 million loan with Bank of America, a company on the state's restricted list.

"There have been several stories written about this 'unintended consequence' that referenced the city of Stillwater and their bond deal," Russ said. "As the Treasurer, I and the Attorney General sent letters to explain the intent and give Stillwater the authority to go ahead with the transaction and they chose not to complete the deal. I am unaware of any actual loses to municipalities, regardless of the claims in this report. From what I can gather, they were discussing neighboring state municipalities who experienced loses, not Oklahoma."

Russ said he was unaware of any other incident with a cost to an Oklahoma municipality.

Sen. Chuck Hall and Rep. Nick Archer introduced a bill that said the EDEA only applies to state contracts. The bill passed the Senate but died in the House last week.