Texas warns firms they could lose state contracts for divesting from fossil fuels

A new law prohibits the state from contracting with or investing in companies that divest from oil, natural gas and coal companies

, which went into effect in September, prohibits the state from contracting with or investing in companies that divest from oil, natural gas and coal companies. The law defines divestment as refusing to do business with a fossil fuel company because that company does not commit to environmental standards higher than expected by federal and state law.Firms that received a letter include U.S.-based companies, like JPMorgan Chase & Co.

JPMorgan Chase & Co. and Man Group PLC declined to comment for this story. Other companies Hegar contacted — BlackRock, Inc.; NatWest Group PLC — did not respond to The Texas Tribune’s requests for comment. “Our research thus far shows that some companies are telling us and other energy-producing states one thing, and then turning around and telling their liberal clients in other states another thing,” Hegar said in a. “On one hand, they push net-zero and other environmental, social and governance policies and use their influence and the dollars under their management to limit access to capital for Texas oil and gas firms.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

ksatnews /  🏆 442. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Addiction experts warn: Texas push for online sports betting is a public health gamble | Texas Standard
Read more »

Texas wine weekend: Triple N Ranch, one hour from Dallas, offers tastings, dinner, and sceneryTriple N Ranch Winery is just 63 miles from Dallas, but its setting — a 140-acre working ranch near Cedar Creek Lake — feels a world a way. Since opening in...
Read more »

Texas' newest amusement park will let you operate real construction equipment — it opens this weekOriginally scheduled to open in fall 2021, Dig World, the first heavy construction...
Read more »

Move over Willie Wonka: Texas dispensary first to offer medical marijuana chocolate barA San Marcos-based dispensary has launched a chocolate bar with 100 mg of THC — the...
Read more »

Idaho Becomes First State to Replicate Texas-Style Abortion Ban'It is appalling that anyone could look at the chaos and harm in Texas over the past six months and think, 'I want that for the people in my state.' But today, anti-abortion politicians in Idaho did just that.'
Read more »