Texas Bans BlackRock For Pushing the ‘Anti-Oil” Agenda

Texas placed restrictions on 10 finance firms, declaring that the firms’ opposition to fossil fuels could “undermine” the state economy, according to Texas Comptroller of Public Accounts Glenn Hegar. Hegar (a Republican) listed several firms who will not be allowed to enter into contracts with the state or local governments after his office determined the firms “boycott” oil.

Between March and April, Hegar requested information from more than 100 companies to determine whether they were steering clear of the oil industry. The move came after the state passed a law in 2021 limiting Texas governments from working with certain firms that have nixed ties with the oil industry. Texas is the country’s largest producer of crude oil and natural gas. (RELATED: Biden’s EPA Has America’s Biggest Oil Field In Its Regulatory Crosshairs)

The companies banned include BlackRock Inc., UBS Group AG, BNP Paribas SA, Credit Suisse Group AG, Danske Bank A/S, Jupiter Fund Management Plc, Nordea Bank ABP, Schroders Plc, Svenska Handelsbanken and Swedbank AB. BlackRock has been a proponent of environmental, social, and governance investing (ESG). This approach, which scores investors based on commitments to environmental goals and causes such as gender and racial diversity, and promotes so-called “green energy alternatives”, is widely used by the company.

Hegar said in a statement that the list of companies helps “create some clarity for Texans whose tax dollars may be working to directly undermine our state’s economic health.”

“A diverse energy portfolio is necessary for Texas to meet our future energy needs, and a vibrant Texas oil and gas industry is a stabilizing force in today’s economic and geopolitical environment,” Hegar continued. “My greatest concern is the false narrative that has been created by the environmental crusaders in Washington, D.C., and Wall Street that our economy can completely transition away from fossil fuels, when, in fact, they will be part of our everyday life into the foreseeable future.”

Hegar also claimed the financial institutions “engage in anti-oil and gas rhetoric publicly yet present a much different story behind closed doors,” according to Bloomberg. According to Bloomberg,

BlackRock denies the claim and accuses Hegar of “[p]oliticizing the state pension funds.” The new policy could see state pensions being required to sell off the listed firms. This is not an unbiased judgment. BlackRock does not boycott fossil fuels – investing over $100 billion in Texas energy companies on behalf of our clients proves that. “Elected and appointed public officials are required to protect the interests of those they serve,” BlackRock stated in a statement.