Texas Tells Black Rock, 9 Other ESG Radicals to Get Out of Texas

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Texas agencies may bar BlackRock Inc and nine European firms from doing some business in the state after its Comptroller Glenn Hegar on Wednesday concluded the companies were boycotting the energy industry in violation of a new law.

Wall Street Has a Fight on Their Hands

Wall Street giants claim they will make clients’ investments greener and limit political and financial blowback from red states. That’s not happening in Texas.

Texas is telling BlackRock, BNP Paribas, and Credit Suisse, Schroders PLC among others, to get the Hell out of Texas. Firms signing on to ESG and banning fossil fuels is a no-go in Texas.

Texas Comptroller of Public Accounts Glenn Hegar drew up the list by the law passed last year to protect Texas’ big oil and gas sectors. Under the law state agencies shall stop doing business with the listed companies or explain continued relationships, such as if they decide divestments would conflict with their fiduciary duties.

Funds such as the $200 billion Teacher Retirement System, Texas’ largest public pension fund, now have 30 days to report what money they have with the listed financial firms. They will be required to divest from these anti-fossil fuels (ESG) companies.

How Aggressive Will Red States Be?

Wall Street has been watching for the list’s release as a bellwether for how aggressively Republican state officials like Hegar will pursue a growing campaign against corporate policies on environmental, social and governance (ESG) issues they say hurt legitimate industries, according to CNN.

They’re counting on the weak links in the Red States’ Chain.

Investors have continued to put money into ESG-oriented funds despite choppy markets this year.

More than 150 companies were sent detailed inquiries about whether they were shunning oil and gas for sustainable investing and financing (ESG). The basis is a a September 1, 2021 law which limits Texas governments from entering into contracts with firms that curb ties to carbon-emitting energy companies, Tyler Durden reports.

 On Wednesday, Texas Republican Comptroller Glenn Hegar released a list of 10 companies and 349 investment funds that will be barred from doing business with the state because they “boycott energy companies.”

Trillions at Stake

At stake are trillions in investments — including by state pension funds as well as individuals’ retirement savings — and the future of the fossil fuel industry.

Companies like Black Rock are pushing their left-wing ideological climate goals into investing and financing (ESG). At the same time, however, red state politicians have been railing against “woke capitalism,” assailing environmental, social and corporate governance (ESG) funds in particular.

The environmental, social and corporate governance (ESG) movement has produced an opaque and perverse system in which some financial companies no longer make decisions in the best interest of their shareholders or their clients, but instead use their financial clout to push a social and political agenda shrouded in secrecy,” Hegar said in a statement.

The banned firms do however have large investments in fossil fuels. It doesn’t matter. They’re using the wealth they gain from fossil fuel investment to destroy it. Black Rock is the king of ESG. It is CEO Larry Fink’s baby.

It’s not just Texas. West Virginia barred five major financial firms, including BlackRock and JPMorgan Chase, from new state business after concluding they were boycotting the fossil fuel industry.

Axios’s Quotes an Advisor” Give Up, You’ve Already Lost

Far-left Axios concludes their assessment by quoting Daniel Firger, managing director of Great Circle Capital Advisors, a climate finance consultancy. He says that ESG isn’t going anywhere and their efforts are futile.

“Long term, climate change is not going anywhere. And so the capital markets are going to have to deal with that fact, and at root, I think that’s what this ESG fight is all about,” Firger said.


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Mark
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Mark
1 year ago

I have a modest portfolio, very modest. But I had my advisor get me out of the ESG investments and reinvest elsewhere. Hopefully a lot more people with lots bigger portfolios do the same.

GuvGeek
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GuvGeek
1 year ago

The Red, energy producing States, should just cut off ALL petroleum to Blue States. Let’s see how Insane Liberals like a winter in the cold and dark.

Kat
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Kat
1 year ago
Reply to  GuvGeek

That’s what they’d do to red states, if the situations were reversed, in a heartbeat, tomorrow. Clean and green won’t be ready for another 2 or more decades and in the meantime, many would die if these insane, evil “ESG” pushers had their way. But they don’t care, as they generally hate and despise every one except the rich and powerful.

Bill in Houston
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Bill in Houston
1 year ago
Reply to  GuvGeek

We used to call that “freeze a yankee” back in the 70s!