Texas Divests $8.5 Billion from BlackRock Over ESG Stance

The Texas Permanent School Fund has terminated its investment with BlackRock, citing the company's discrimination against the oil and gas industry.

Texas officials have divested $8.5 billion from BlackRock, pointing to the company's ESG investment strategies as harmful to the state's oil and gas sector.
BlackRock criticizes the move as 'reckless' and 'irresponsible,' arguing it overlooks the firm's substantial investments in Texas energy companies.
Texas law mandates state-run funds to withdraw from firms discriminating against oil and gas investments, aiming to safeguard the state's critical industry.
The Texas Permanent School Fund, benefiting from oil and gas revenues, aims to protect its financial interests in line with state legislation.
BlackRock defends its investment record, emphasizing its role in supporting Texas schools and families through its management of pension assets.