BlackRock, BNP Paribas, and Credit Suisse are among the list of firms that Texas has just issued that will now be banned from working with the state due to their hostility to the energy industry.
After almost a year of suspense that cost banks business as Texas municipal-bond issuers avoided firms whose status was unclear amid the probe, Bloomberg reports that Glenn Hegar, the Republican state comptroller, on Wednesday named the firms he will prohibit from entering into most contracts with the state and its local entities after his office found they “boycott” the fossil fuel sector.
More than 150 firms were sent detailed inquiries, requesting information on whether they were shunning the oil and gas industry in favor of sustainable investing and financing goals.
As a reminder, the survey was triggered by a GOP-backed state law that took effect on Sept. 1, 2021, and which limits Texas governments from entering into certain contracts with firms that have curbed ties with carbon-emitting energy companies.
Many firms argued that they were simply reacting to customer demand on ESG strategies, but it appears the nation's to producer of crude and natural gas saw straight through the ESG scam.