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Texas Plans to Punish Companies That Move Away From Fossil Fuels
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| Contributor | RP |
| Last Edited | RP Apr 30, 2022 11:46am |
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| Category | Rule Change |
| Author | Molly Taft |
| News Date | Saturday, April 30, 2022 02:30:00 PM UTC0:0 |
| Description | Watch out, financial firms. If you’re mean to fossil fuel companies, Texas is coming for you.
Bloomberg reported this week that Texas’s state comptroller is starting to double down on demands that financial companies tell the state more details about their climate policies, in accordance with a law passed last June that forbids the state from doing business with corporations that “boycott energy companies.” Comptroller Glenn Hegar sent letters to nearly 150 financial companies, ranging from big private-equity firms to smaller investors, about their climate plans this week. The move follows initial inquiries Hegar sent to 19 firms, including BlackRock and JPMorgan Chase, last month.
“We know some of these companies hold investments in oil and gas today, but what about the future?” Hegar said in a statement about the letters he sent last month. “Are they selling the hope of a ‘green’ tomorrow with promises to divest or reduce their fossil fuel exposure?” Great questions, Glenn! Sure glad you’re on this important case. |
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