Further to our recent report: “Texas Funds Prepare to Divest Anti-Fossil Fuel Assets,” Responsible Investor (subscription required) reported that Texas Comptroller Glenn Heger sent a second round of letters to an 100 additional asset managers to determine whether their policies and activities vis-à-vis fossil fuel industry companies may trigger the state’s divestment of their assets in conformance with the provisions of Texas Senate Bill 13, which generally requires state governmental entities to divest themselves of assets that boycott energy companies . The Comptroller sent the first set of letters in mid-March to 19 institutions, reportedly including BlackRock, Credit Suisse, Invesco JP Morgan, UBS, and Wells Fargo. According to the RI report, among the recipients of the second letter were Vanguard, State Street, T. Rowe Price, Goldman Sachs Asset Management, BlackStone, and Apollo Global Management.
See “Texas Republicans Led by Hegar Bear Down on Wall Street Over Climate Policies” (Bloomberg) and our recent reports: “Divestment of Carbon-Intensive Assets is Not the Answer” and “Divestment vs. Engagement Debate.”
This post first appeared in the weekly Society Alert!