Texas asks state pension funds to divest from firms ‘boycotting’ fossil fuels
Texas comptroller Glenn Hegar has implored five state pension funds and the permanent school fund to divest holdings from firms that he says are “boycotting” the oil and gas industry, according to The Dallas Morning News.
“I recommend [you] explore alternatives and invest with a new partner that does not boycott energy companies,” he wrote in the letters.
The letters went to the Teacher Retirement System of Texas, Texas Permanent School Fund, Texas Municipal Retirement System, Texas County & District Retirement System, Employees Retirement System of Texas and Texas Emergency Services Retirement System. Together the funds’ assets represent more than $370 billion, according to Bloomberg.
In 2021, Texas lawmakers passed bills aimed at punishing financial firms over their ESG policies, stating that ESG policies steered investors away from fossil fuels, which threatened the state’s valuable oil and gas business.