Texas divests $8.5 billion from BlackRock over ESG policies, particularly fossil fuels, due to a 2021 state law.

Texas has decided to divest $8.5 billion from BlackRock, the world's largest asset manager, due to concerns over the firm's environmental, social, and corporate governance (ESG) policies, particularly those related to fossil fuels. This move is in line with a Texas law from 2021 which restricts investments in companies participating in boycotts of the oil and gas sector. The Texas Permanent School Fund, managing around $1 billion in annual oil and gas royalties, has terminated its financial management contract with BlackRock, citing its fiduciary duty to protect Texas schools.

March 19, 2024
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