Texas comptroller threatens to boycott 19 investment companies unless they promise to support oil and gas

Texas Comptroller Glenn Hegar advised 19 investment decision corporations to reveal their stance on fossil fuels or deal with divestment.

AUSTIN, Texas — The Texas Comptroller of Public Accounts, Glenn Hegar, despatched a letter to 19 investment corporations inquiring about their loyalty to fossil fuels.

Three firms are based mostly in the U.S.: BlackRock Inc., Invesco Ltd., and JPMorgan Chase & Co. The relaxation span the globe.

Read the letter to the 19 organizations right here.

Senate Monthly bill 13 demands all Texas retirement courses to move funds absent from organizations that boycott oil and gasoline. The bill was signed into legislation previous 12 months.

The investments affect Teachers Retirement Technique of Texas (TRS) and the Worker Retirement Technique of Texas (ERS).

Hegar questioned the 19 businesses to explain their policies and treatments.

“We know some of these corporations keep investments in oil and gas right now, but what about the foreseeable future? Are they providing the hope of a ‘green’ tomorrow with promises to divest or reduce their fossil gas publicity? A handful of organizations are echoing claims by the Biden administration about a ‘transition’ to eco-friendly electrical power. They’ve managed to influence folks that electrical cars and wind and photo voltaic power generation can meet our energy requirements, and if we just quit investing in oil and fuel, the changeover will be swift and painless. Any one who has compensated any focus to the latest situations appreciates that just isn’t correct,” Hegar explained in a press release to KVUE Information.

Read through the full launch from Hegar right here.

Hegar requested the providers to also list any mutual cash and exchange-traded funds (ETFs) which boycott or limit financial investment in fossil fuels.

“Our exploration therefore significantly displays that some companies are telling us and other energy-generating states 1 factor, and then turning all over and telling their liberal consumers in other states another point,” Hegar reported in the launch.

Previous January, the KVUE Defenders reported on how strengthening the State’s electric powered grid could impression retirement bucks.

Texas law demands the electrical power grid supervisor to use pure gasoline for extra than half of its energy era.

Dollars invested to boycott fossil fuel investments would threaten the grid’s most significant power useful resource except the Point out transformed its strength combine.

Related: How the Texas energy grid could be impacting your retirement system

The corporations have 60 times to reply.

Hegar expects to ship yet another round of letters, making contact with 100 extra publicly traded financial commitment businesses.

Hegar will afterwards publish the listing of corporations on the comptroller’s web page.

The comptroller’s site exhibits the State’s current divestment checklist consists of:

KVUE on social media: Fb | Twitter | Instagram | YouTube

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