Texas Official Polls Financial Firms About Fossil Fuel Investment

March 16 – Texas Comptroller Glenn Hegar polled 19 financial firms to clarify their fossil fuel investment policies, his office said on Wednesday, demonstrating the breadth of the review, which could see companies lose state pension mandates.

Letters were sent to companies including BlackRock Inc (BLK.N), JPMorgan Chase & Co (JPM.N) and Wells Fargo & Co, among others, “that could boycott the fossil fuel industry,” according to the statement and other submissions. press secretary of a Republican government official.

Even if companies are currently investing in oil and gas today, some of them may be “selling hope for a greener tomorrow by promising to phase out or cut back on fossil fuels,” Hegar said in a statement.

According to Hegar’s letter, another series of letters will soon be sent out to more than 100 other publicly traded investment companies “that have one or more funds that boycott fossil fuels.”

Under the new state law, Hegar will list financial companies boycotting fossil fuels. These firms could then be banned from managing government pension money. read more Hegar told the companies they have 60 days to provide details.

At stake is access to public pension funds, such as the $197 billion Teachers’ Retirement System in Texas, which has about $2.5 billion with BlackRock, for example.

Large investors are facing a balancing act as some pension funds and charities are pulling out of fossil fuel stocks due to climate change concerns. However, high energy prices have helped keep other investors in stocks. More

A spokesman said Hegar was unavailable for further comment.

Representatives from BlackRock, JPMorgan and Wells Fargo did not comment. In a previous letter, BlackRock told Texas officials that, as a long-term investor in fossil fuel companies, “we want these companies to succeed and prosper.”

Reporting by Ross Kerber; Editing by Bernard Orr

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