Texas Withdraws $8.5B from BlackRock Over ESG Policies
The Texas Permanent School Fund's decision highlights ongoing tensions between state entities and financial institutions with environmental, social, and governance commitments.
- The Texas Permanent School Fund pulled its $8.5 billion investment from BlackRock, citing the company's ESG policies as harmful to the state's energy industry.
- BlackRock responded, stating the decision harms Texas, its institutions, and taxpayers, and contradicts the firm's significant investments in Texas energy companies.
- The move follows a law enacted in 2021 preventing Texas governmental entities from investing in companies with policies against fossil fuels and firearms industries.
- Recent efforts to mend relations between Texas officials and BlackRock, including a joint appearance at an energy summit, did not prevent the investment withdrawal.
- Critics argue the decision to divest intertwines politics with finance, potentially impacting Texas taxpayers and the state's educational funding.
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