"The bill would direct state investment funds to divest from companies that cut ties with fossil fuel companies, pitting Texas against some increasingly carbon-conscious Wall Street investors."
"A bill filed in the Texas Senate Thursday would direct the state’s massive investment funds to divest from any companies that “boycott” fossil fuels.
Pressure is increasing on Wall Street for companies and investment funds to reduce their financial support for oil and gas companies. Environmental activists have long called for Wall Street and university endowments to stop investing in fossil fuels, and several universities have complied.
Last year, Larry Fink, founder and chief executive of BlackRock, one of the world’s largest investment companies, wrote to shareholders that the firm would make climate change “a defining factor” in its investment strategy, and in January, he further said it would exit investments that present a "sustainability-related" risk.
The Texas bill bites back: If passed, the legislation filed by state Sen. Brian Birdwell, R-Granbury, along with four other Republican state senators, would require state entities — including state pension funds and Texas’ massive K-12 school endowment — to divest from companies that refuse to invest in or do business with fossil fuel-based energy."
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