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 that will be banned from entering into most contracts with state and local entities after his office determined that the companies “boycott” the oil industry.
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 nation’s top producer of both natural gas and crude oil. (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 is a major proponent environmental, social and governance investing (ESG), an approach to investing that scores companies based on their commitments to certain environmental aims and social causes, such as racial and gender