Texas State Board of Education Chairman Aaron Kinsey announced the move on Tuesday. A letter was sent to BlackRock the same day notifying the world’s largest money manager.
BlackRock, though, argues that it is helping millions of Texans and emphasized its investment in the state. ESG is a financial concept that centers on compelling social change through investment and divestment. It is a corporate model that doesn’t solely look at maximizing profit but also incorporates other elements into financial decisions — for instance, how an investment might affect fossil fuel emissions.
“No matter whether it’s called ‘stakeholder capitalism’ or ‘transition investing,’ if the intent of an asset manager is to end America’s oil and gas industry then they can expect continued pushback from conscientious public officials looking out for their constituents,” said Derek Kreifels, CEO of the State Financial Officers Foundation.
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