08.24.22
BlackRock, UBS Among Firms Facing Texas Ban Over Energy Policies
by: Amanda Albright; Shelly Hagan; Danielle Moran
Texas has banned BlackRock, UBS and eight other finance firms from working with the state after finding them to be hostile to the energy industry. Glenn Hegar, the state's comptroller, named the firms he will prohibit from entering into most contracts with the state and its local entities after his office found they “boycott” the fossil fuel sector. The comptroller sent inquiries to more than 150 companies in March and April, requesting information on whether they were shunning the oil and gas industry in favor of sustainable investing and financing goals. The survey was triggered by a state law that took effect on Sept. 1, 2021, which limits Texas governments from entering into certain contracts with firms that have curbed ties with carbon-emitting energy companies. The comptroller’s office also designated nearly 350 funds that are subject to the same investment bans.
Read the full article on Bloomberg