BlackRock Chairman and CEO Larry Fink. BlackRock made Texas Comptroller Glenn Hegar’s list of oil industry boycotters, but other big financial companies, such as JPMorgan Chase did not.Texas continues to play hardball with financial companies that it considers to be opposed to the oil and gas industry, reminding state pension funds this week that they are barred from conducting business with such firms.
Among the investment firms on the state's banned list, New York-based BlackRock appears to be the most scrutinized. The company has some $10 trillion under management. BlackRock declined to comment, but has previously denied that it is boycotting the fossil fuel industry, noting that the firm has some $108 billion invested in Texas oil and gas companies.Financial firms puzzled about getting on Hegar's oil 'boycotting list' — and concerned about precedent
The pressures on other investors to follow suit will only grow with global warming concerns and have made it harder for oil companies to secure financing for new projects.