BlackRock, UBS Ask to Be Removed From Texas' Energy Boycott List by Shelly Hagan and Danielle Moran
Appeared in the Financial Post on November 28, 2022
Gina's Thoughts
"Don't Mess with Texas." Last year, the Texas state legislature passed a law requiring the state's comptroller to name financial institutions and funds that refuse to do business with energy companies, and potentially divest from them. Energy is a pillar of the state's economy and the state doesn't want to do business with financial institutions that have boycotted energy companies. Now, BlackRock Inc., UBS Group AG and other major financial firms are taking steps to be removed "from the list of companies that Texas has classified as boycotting the fossil fuel industry". Faced with the prospect of losing business in the booming state, these financial firms are writing letters and making submissions to prove they support the energy industry. The law allows the state to "divest from the divestors" and the divestors don't like it.
