Texas State Comptroller Glenn Hegar on Aug. 24 released a list of ten financial companies and almost 350 funds said to be boycotting energy firms involved in fossil fuels, marking another advance in the war between individual U.S. states and the environmental, social, and governance (ESG) movement.
The state comptroller must publish such a list thanks to Texas Senate Bill 13, which came into effect in September 2021. Passed in June of that year, it requires many state government entities to divest from ESG-led companies and funds.
In a separate provision, the law restricts those governmental entities from signing contracts worth more than $100,000 with companies employing 10 or more people. Such contractors must verify in writing that they do not boycott energy firms and will not do so while the contract lasts….