Financial firms puzzled about getting on Hegar’s oil ‘boycotting list’ — and concerned about precedent
Mark Mulligan, Houston Chronicle / Staff photographerThe news that 10 financial companies were deemed to be “boycotting” the oil and gas industry didn’t come as a surprise to those firms, exactly.
The firms on Hegar’s list are BlackRock, UBS Group, BNP Paribas, Credit Suisse Group, Danske Bank, Jupiter Fund Management, Nordea Bank, Schroders, Svenska Handelsbanken, Swedbank, and UBS Group. Only one of the firms— Swedbank, a Stockholm-based banking group with nearly $300 billion under management — isn’t denying a boycott of fossil fuels.
There are “many similarities” between BlackRock’s approach to investing in the fossil fuel industry and that of other major firms, such as JP Morgan, didn’t make the list, said Andrew Poreda, senior vice president and senior ESG Research Analyst atprepared by Hegar’s office, raises questions itself about the state’s methodology, Poreda said.
Does the financial company adhere to a broad prohibition on financing oil, gas, and coal? Does the financial company commit to an aggressive reduction in fossil fuel emissions with goals of “net zero” prior to 2050?
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