, which went into effect in September, prohibits the state from contracting with or investing in companies that divest from oil, natural gas and coal companies. The law defines divestment as refusing to do business with a fossil fuel company because that company does not commit to environmental standards higher than expected by federal and state law.
Firms that received a letter include U.S.-based companies, like JPMorgan Chase & Co. and Wells Fargo & Company, and foreign companies like Jupiter Fund Management PLC and Sumitomo Mitsui Trust Holdings, Inc. JPMorgan Chase & Co. and Man Group PLC declined to comment for this story. Other companies Hegar contacted — BlackRock, Inc.; NatWest Group PLC — did not respond to The Texas Tribune’s requests for comment.
“Our research thus far shows that some companies are telling us and other energy-producing states one thing, and then turning around and telling their liberal clients in other states another thing,” Hegar said in a. “On one hand, they push net-zero and other environmental, social and governance policies and use their influence and the dollars under their management to limit access to capital for Texas oil and gas firms.
Hegar’s office is working to compile a list of companies that “boycott” fossil fuel energy. In the letters, his office asks each company whether it has policies on environmental standards that go beyond state and federal requirements and how those are enforced. It also requires the company to list mutual funds or exchange-traded funds that limit or don’t allow investment in fossil fuels.
Please cover the wave of fascism that’s sweeping Texas under GovAbbott MSNBC CNN NBCNews abcnews CBSNews washingtonpost nytimes
The 'private' in private businesses doesn't mean much anymore.
We are so over the gop already!
What an authoritarian thing for GovAbbott to do. Freedom of thought is apparently not to be tolerated, particularly when it might cut into the bottom line of his personal oligarchs.
coonavass Clear & good long term business choices, looking to the future of renewable energy, deemed 'boycotting' now? Obscene labelling & threats. Sounds more like Texas is forcefully imposing it's own agenda, bought by FF donor $$$, on private companies & corporations.
Texas stands for freedumb!
GregAbbott_TX has been spending his time watching putin.
What the hell is going on with the Lege? Threats and extortion is no way to run a republic.
Quid pro quo?
Texas tribune you’re a liberal rag. Don’t tell me your liberal contributors don’t influence your reporting.
This is why Texas needs Beto! I’m gonna stick around and fight until my youngest finishes high school (6 more years). If Tx still has shitty leadership and laws, it’ll be time for me to find a better home state.
OldNick66 New World Order.
margokingston1 Free market capitalism - unless it hurts your big donors.
Hello to little russia👎🏼👎🏼👎🏼👎🏼
Do it anyways. Authoritarians like Abbott need to be defied.
So no to the free market?
This is croney capitalism in a totalitarian state, like Russia, China, or N. Korea.
Illegal?
And how does the corrupt TexasGOP think they can just void the first amendment? BetoORourke for Governor
So much for capitalism…
So much for free market capitalism and letting the market decide.
It's as if the Texas Republicans knew about the Russian invasion in advance.
What about the companies that are doing business in Russia?
CarolAlmero1 Can Texas do any more to threaten freedoms?
RepublicanCancelCulture
Sounds alot like trying to force private entities to engage in an industry against their will. I seem to remember Texas not liking that.
How incredibly small government of them. Freedom! How very 'let the market decide.' I thought money was speech, too. So, businesses are forbidden from deciding to divest & invest in renewable? Aren't corporations people?
Political groups supported by Charles Koch, the right-wing billionaire who is chairman and CEO of Koch Industries, oppose broad economic sanctions against RussiaKoch Industries stays in Russia, backs groups opposing U.S. sanctions via cbsmoneywatch
How f-d up is what’s happening in Texas?
Putin approves as with all things in corrupt Texas
Are they desperate to stay relevant already? Why not keep up with the times and transition to other sources of energy. You have the resources for it
AbbottFailedTexas
How very oppressive of GovAbbott. Why is he trying to turn Texas into little Russia?
Abbott’s marching backwards in time..
Cancel culture much GOP GregAbbott_TX?😏 Pathetic!
NTXProgressive Texas GOP freedoms…gotta keep those big money donors who own them happy. turntexasblue dumpAbbott
Wannabe authoritarian garbage smh AbbottFailedTexas AbbottIsAFailure
But....but....what about my FREEDUMB🤣
Tyranny. Texas is run by oil-i-garchs
Texas needs to elect an ecosocialist governor! State contracts are another way to control/ manipulate the market and consumers. We don't have to stand for it. Texas wouldn't run without their workers. We need to protect our most valuable resources! WaterIsLife
They tried to make it a law and when that didn’t work they just use intimidation. Hmmm.
Texas oligarchy says you better not upset the Abbott state.
So much freedom, right?🤦♀️
Wondering if USConst_Amend_I had thoughts
So Texas gets to dictate to oil company guess those r the ones that have paid their bribe to gov w Allen Abbott
bUt rEpUbLiCaNs CaRe AbOuT fReE sPeEcH for a party that claims to be all about freedom and being anti-communist, they sure love passing laws that seems straight out of the soviet playbook
How 'small government' of them.
Texas runs all the businesses?
This cancel culture is getting out of hand.
How do you GOPChairwoman GregAbbott_TX tedcruz force individual investors to invest in fossil fuels? Where’s the noise about individual freedom and personal liberties that republicans strongly advocate?
So state sponsored ‘cancel culture’?
'Freedom'
GovAbbott all for business choice except it they choose to not have anything to do with oil, coal and gas. he doesn't care about the future of the world. Only about the future of his pockets.
This seems like Greg Abbott & the Texas GOP are forcing firms to help them funnel money to their own wallets. Seems illegal.
Republicans: we ❤️ freedom, don’t tread on me! Also Republicans: the government says you can’t say that.
Tribal socialism by GOP fossil fuel donor interests.
WTAF? How is this legal?
That sounds illegal and stupid. Clean energy is coming no matter what. Get on board Texas.
In a just world, this would be thrown out in court after 2 seconds of arguments. If only we lived in a just world.
Republicans love the 'free market' until they don't.
LiMIteD goVERnMenT
What would Putin do?
It is way past time for Texans to DIVEST from TexasGOP. What's left of their agenda, besides the obvious need to self perpetuate in power, has become PureEvil. Vote BetoORourke TurnTexasBlue
grandmagrit
So, if Texas government requires firms to have in-flow investments in private Oil & Gas companies in order to be eligible to win State of Texas contracts, isn’t that a QUID-PRO-QUO ? Isn’t this a soft form of back-door extortion? The 1970 RICO Act has extortion predicates.
Texas GOP seems to like 'government overreach' into the 'free market' when it suits them.
grandmagrit Texas is just messed up right now. Don't tell me how to spend my money.
So now they’re punishing people for being climate conscience Texans, y’all deserve better! I hope you know that we know you deserve better than AbbottHatesTexans BetoForTexas BetoForGovernor BetoLovesTexas - and all Texans.
The “Freedom” party. The “Free Market Party” 😂😂😂
Autocratic move.
This legislation will be a marvel for future historians: greed and ignorance AND anti-capitalism all in one. A monument of disgrace. Great job, Texas.
GOP wants limited government but will ban and punish boycotts. Ok lol
Freedom huh? Texas has become a corporate joke. Feed the rich should be the new Texas motto.
Remember when texas was for freedom of speech and against censorship? No? That's because Texas wants forced everyone to repeat it's propaganda (id est, censorship).
And here I keep hearing that Republicans are for small government, few regulations, and staying out of folks business. I guess that only applies if you are doing what they want, where they want, and with whom they want. Oh... And if you're a rich white man.
Small government, let the market work, don’t pick winners and losers, blah, blah, blah. Republicans don’t really believe anything they say, they just want power and influence.
Wow. Amongst other problems the impact to state pension funds will hurt state employees. Not much of a fiduciary.
Hmmmmm. So freedoms? No mandates?
GinjerH Sounds like it's time to get rid of our Texas Legislature & Hegar!
How’s that small government going, republicans? txlege
Seems kind of unconstitutional. Unfortunately that is the theme of TXGQP
They tried this with the ban Israel law. It will be overturned as well. Fossil fuels are dead. These are just the death throes. You can't dictate where a company seeks it's energy.
Is this the GOP version of capitalism?
I find this so funny coming from an opinion newpaper funded by Oil companies. Do they even read what you guys write when they send the checks over?
Texastan leading the way in causing ClimateChange. They don’t care the wealthy making record profits off of Oil revenue since they’ll be taking dirt naps & it will be their kids problems to deal with. Need that new yacht
So can any person still voting Republican justify their support? Are you afraid of gay people, unable to pass a literacy test, or just a racist? I mean, no one likes admitting mistakes, but good grief, how much longer are you going to help drive us into the ground?
So much for R's against government overreach. Hippocrites. Can't see how this is legal
shitholestate
The most egregious laws are those that criminalize good behavior.
I thought Texas promoted itself as being business friendly.
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