Texas Comptroller Glenn Hegar on Wednesday announced the names of several financial firms he deems hostile to the state's fossil fuel industry.
BlackRock offices in New York City. The company, along with nine others, were named by Texas Comptroller Glenn Hegar as being hostile to the state's fossil fuel sector.
The move stems from a Texas law that limits Texas governments from entering into certain contracts with companies that have severed ties with companies that emit carbon into the atmosphere. In a statement to Fox Business, BlackRock said it disagrees with Hegar. "This is not a fact-based judgment," the statement said. "BlackRock does not boycott fossil fuels – investing over $100 billion in Texas energy companies on behalf of our clients proves that. Elected and appointed public officials have a duty to act in the best interests of the people they serve. Politicizing state pension funds, restricting access to investments, and impacting the financial returns of retirees is not consistent with that duty.
The Texas Senate Committee on State Affairs, led by Chairman Bryan Hughes, sent letters to investment giants, State Street Global Advisors, and The Vanguard Group, along with Institutional Shareholder Services Inc. on Aug. 10, requesting documentation related to the companies' decision-making involving their respective ESG practices.
State Sen. Bryan Hughes speaks during a Senate Committee on State Affairs hearing at the Capitol on July 10, 2021, in Austin, Texas.The letters give the companies until close of business on Sept. 9 to comply. They requested documentation and correspondence pertain to climate activist groups, proxy votes involving Texas-based companies, and decisions on whether to invest in companies that are part of the fossil fuel industry.
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