Last year, the GOP-led Legislature enacted a law that bars the state from contracting with firms that limit business with the fossil fuel industry. The policy also calls for pension funds, such as the state employees and teacher retirement systems, to divest from companies that cut ties with oil and gas, so long as the movesHegar’s office is tasked with compiling the list of prohibited companies.
Hegar’s letter asks the firms whether they have “pledged to meet environmental standards beyond applicable federal or state law” and if they have written policies restricting investments in energy companies. Another round of letters will soon go out to 100 other publicly traded investment companies, according to the comptroller’s office.While Texas lawmakers have tried to steer corporate policy with the state’s pocketbook before — by barring contracts with companies that boycott Israel or do business with Iran — the latest efforts are far more expansive.
These guys are acting like oligarchs!! Manipulating for profit!
Payback time for their donors.
If fossil fuels are so great why does the state have to extort companies to invest in them? Dependence on fossil fuels is going to go the way of... (dare I say it?) ... the dinosaur. There might always be a place for oil/gas, but we do need to divest & invest in greener sources.
Why would any company want to do business in Texas? Not cheaper to live there anymore, hard to vote, healthcare system and education are failing, no reliable electricity….
Goodbye investments in the next economy
Lol
Texas Government is owned by fossil fuel. Owned.
Our state can eat a whole bag of dicks
So much for small government and free markets