Group sues over Texas law targeting companies for fossil fuel boycotts

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SB 13 Nouvelles

Nearly 400 businesses and investment funds, including Blackrock, Inc, have been blacklisted by the Texas comptroller's office as of August.

A coalition of progressive business organizations is suing Texas over a 2021 law that blocks the state from investing in and contracting with companies that boycott the fossil fuel industry. The suit, filed in federal court in Austin on Thursday by the American Sustainable Business Council, argues that the law infringes on the companies’ free speech and association rights and does not allow banned companies due process.

Texas laws targeting ESG have cost taxpayers $270 million, study says “Among ASBC’s many projects are efforts to encourage sustainable investing and sustainable business practices,” lawyers for the council write in the suit. “These are all cornerstones of the modern Texas economy. Yet, SB 13 takes aim at, and punishes, companies that speak about, aspire to, and achieve this goal.

Texas' decision to pull $8.5B from BlackRock driven by profits, not anti-ESG law SB 13 is similar to a 2017 law that blocks state investments and certain contracts with companies that boycott Israel. In 2019, after a federal judge blocked enforcement of the law, finding that it would violate the First Amendment, lawmakers narrowed the law to exclude small businesses and small contracts.

 

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