At stake are legitimate clean energy industries — those that don’t pollute the environment or question our future existence as a species.He’s at it again. Texas Comptroller Glenn Hegar concluded this week that several companies are in violation of a new state law. They’re accused of “boycotting” the directive that requires fossil energy industry investment. If found culpable, BlackRock and 9 European firms may be prohibited from conducting significant business with Texas state agencies.
Senate Bill 13 limits Texas governmental organizations from entering into certain contracts with investment companies that have restricted ties with carbon emitting energy companies. The law was passed last year to protect Texas’ big oil and gas sectors and their legislative campaign donations. The Texas clean energy inquisition is part of a larger effort around the country to undermine divestment, which has real potential to convert the fossil fuel industry into a disintegrating body of stranded assets.None of these Texas state investment investigations was done in secret or behind closed doors: in an interview, Hegar fully admitted to the investigative process. The 10 identified companies “are boycotting the oil and gas industry per the research and documentation that we’ve found.
“Elected and appointed public officials have a duty to act in the best interests of the people they serve,” BlackRock responded to Hegar’s accusations. It is the world’s largest money manager with some $8.5 trillion in total assets, including about $20 billion it runs for public funds in Texas. For example, like many teacher retirement funds around the country, Texas’ own $200 billion Teacher Retirement System is the largest state public pension fund.
Texas is the nation’s top producer of crude and natural gas. The wager is that, if Texas pressures investment firms recoil when questioned about clean energy investment preferences, thenwill continue to be located and tapped. Drones and drilling rigs will be purchased. Hard-to-reach deep-sea sites will be pursued. Crude oil refineries and trunk or transmission pipelines will be built.
The SEC announced plans in March to require companies to disclose their climate risks within their operations as they compiled their annual reports and other required documents. Auditors or other experts will then analyze the data within those reports. In July, attorneys general from 24 Republican-controlled states stretching from Alaska to West Virginia wrote to the SEC, calling the agency’s
Source: News Formal (newsformal.com)
Horrible when an industry owns the state government. Btw I think that is one of the definitions of fascism
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