About 10% of all investments in the world are now in some kind of environmental or socially aligned fund. Texas and other states are wanting to 'boycott' such fossil fuel divestment. | MoseBuchele
– have joined the trend, attracting investors and positive media coverage by touting environmentally responsible strategies.advising companies to prepare for a zero carbon world, there were some places where the reaction was not so positive."To see companies taking that position, I really felt like this was an anti-Texas narrative," says Jason Isaac.
The bill was signed into law last year, and now the Texas comptroller's office is creating a list of companies that could face a state boycott.There are exemptions that allow the comptroller to consider the financial impact of divestment. But in the long run, the law could mean that Texas pulls billions in pension funds and school endowment money from some of the country's biggest investment firms – including Blackrock.
"Whether we liked it or didn't like it. We would oppose it," he says."Because the legislature and the governors should have no say in the running of the fund." BlackRock representatives have met with Texas state leaders trying to smooth things over, and highlighting their fossil fuel investments. CEO Fink also wrote a"You can already see that they [BlackRock] have now written back to the state and said, 'Hey, hey, hey, don't worry, we love you guys,'" says Amalgamated Bank's Ivan Frishberg."'We're open for business.
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