The state government of Texas is cutting ties with BlackRock, UBS, and other firms that are hostile toward fossil fuels, Texas Comptroller Glenn Hegar revealed on Wednesday.
In accordance with state law, Hegar identified eight firms that are “refusing to deal with” or “terminating business activities with” companies involved in the production and use of fossil fuels “without an ordinary business purpose.” Based upon an evaluation of their commitment to environmental, social, and governance (ESG) objectives — which, in some cases, included pledges to third-party climate advocacy groups like Net Zero Banking Alliance — Hegar determined that state entities were not permitted to work with 10 companies.
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