A 2021 push against the burgeoning ESG movement has financial firms watching for further...
To state leaders, the entire ESG movement looks like a virtue-signaling attempt to boycott the oil and gas industry.It’s traditional, in Texas, for the regular biennial legislative session to start off on a happy note — and such was the case when this 88th Legislature began Jan. 10.This year, there’s a possibility that the drama could involve businesses, specifically financial firms that do business in Texas.
To state leaders, the entire ESG movement looks like a virtue-signaling attempt to boycott the oil and gas industry, and in 2021 they passed legislation aiming to boycott the boycotters. “A complete divestment of the industry is not only impractical and illogical but runs counter to the economic well-being of Texas and our citizens,” Hegar said in a statement accompanying his naughty list.
“On behalf of our clients, we are significant investors in public energy companies, including many here in Texas, such as Exxon, ConocoPhillips, Valero, Phillips 66, Occidental Petroleum and Cheniere,” she said. “As of the end of the last quarter, on behalf of our clients, we had $107 billion invested in public Texas energy companies alone.”State Sen. Bryan Hughes, chair of the committee, didn't find that reassuring.
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