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Texas Withdraws $8.5 billion From BlackRock Over ESG-Investment Practices

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It was a bad day for BlackRock.

The Texas Permanent School Fund, an endowment fund established in 1845 to help boost public education, pulled its $8.5 billion investment from the asset-management giant BlackRock on Tuesday, saying its internal governance policies are harmful to the state’s energy industry.

“BlackRock’s dominant and persistent leadership in the ESG movement immeasurably damages our state’s oil and gas economy and the very companies that generate revenues for our PSF,” Kinsey wrote. “Texas and the PSF have worked hard to grow this fund to build Texas’ schools. BlackRock’s destructive approach toward the energy companies that this state and our world depend on is incompatible with our fiduciary duties to Texans.

BlackRock, though, argues that it is helping millions of Texans and emphasized its investment in the state. The fossil fuel industry contributed about $26 billion in state and local taxes in 2023 — about $1.8 billion of which went into the fund.

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Texas School Fund Pulls $8.5 Billion Investment From BlackRockTexas is divesting $8.5 billion from BlackRock Inc. due to the investment company’s fossil fuel policies, according to a statement from the chairman of the State Board of Education.
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