The Texas state legislature subpoenaed BlackRock for a series of documents related to the billion-dollar financial institution’s environmental, social and governance (ESG) policy push.
The subpoena, issued late last month by the Texas Senate Committee on State Affairs, represents the latest effort from the Republican-led state to slow the so-called ESG movement. Massive asset managers like BlackRock, Vanguard and State Street have increasingly pushed ESG standards upon companies in which they hold large financial stakes in an effort to push a broad green transition from traditional fossil fuel energy sources to alternatives like wind and solar.
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