The Texas State Capitol is surrounded by buildings and the University of Texas in Austin, Texas, Thursday, December 9, 2021. Tom Fox/The Dallas Morning News)AUSTIN — A progressive business group has sued to strike a 2021 Texas law that banned the state from doing business with companies the state has deemed hostile to the fossil fuel industry.The so-called anti-ESG law has led Texas to divest investments from 16 financial companies, including investment giant BlackRock, Inc. and UBS Group AG.
The law came about in response to several investment companies adopting investment philosophies that prioritized environmental issues, social issues and corporate governance. BlackRock, which controls about, was made a centerpiece of the political uproar in Texas after its CEO announced that it was turning away from oil and gas investments.BlackRock’s CEO Larry Fink has signaled a willingness to make amends with Texas lawmakers by cohosting a natural gas investment symposium alongside Lt. Gov.
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