Texas warns firms they could lose state contracts for divesting from fossil fuels

[mahatmakanejeeves]

Source: Texas Tribune

Texas warns firms they could lose state contracts for divesting from fossil fuels

A new law prohibits the state from contracting with or investing in companies that divest from oil, natural gas and coal companies.

BY EMILY HERNANDEZ MARCH 16, 2022 7:37 PM CENTRAL

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Texas Comptroller Glenn Hegar sent letters to 19 financial firms Wednesday afternoon to determine whether they were violating a new state law that prohibits companies from "boycotting" fossil fuel companies.

Senate Bill 13, which went into effect in September, prohibits the state from contracting with or investing in companies that divest from oil, natural gas and coal companies. The law defines divestment as refusing to do business with a fossil fuel company because that company does not commit to environmental standards higher than expected by federal and state law.

Firms that received a letter include U.S.-based companies, like JPMorgan Chase & Co. and Wells Fargo & Company, and foreign companies like Jupiter Fund Management PLC and Sumitomo Mitsui Trust Holdings, Inc.

JPMorgan Chase & Co. declined to comment for this story. Other companies Hegar contacted -- BlackRock, Inc.; Man Group PLC; NatWest Group PLC -- did not respond to The Texas Tribune's requests for comment.

{snip}

Disclosure: JPMorgan Chase has been a financial supporter of The Texas Tribune, a nonprofit, nonpartisan news organization that is funded in part by donations from members, foundations and corporate sponsors. Financial supporters play no role in the Tribune's journalism. Find a complete list of them here.

Read more: https://www.texastribune.org/2022/03/16/texas-fossil-fuel-divestment-ban-inquiry/

[COL Mustard]

1. Can they please just secede already?

And quickly?

[Trueblue Texan]

22. Don't say that!

There are lots of Texans here at DU who value freedom and have no interest in seccession. There are more Dems in Texas than Rethugs, but we are just so damn gerrymandered we can't get any representation in the state houses. Help us fight for Democracy.

Regarding this stupid law in Texas, it's just another example of the hypocrisy of Rethugs: they scream to let the market take care of the viability of goods and services until it's not convenient. Then they get in there and screw around with markets as it suits their own pocketbooks and those of their big campaign donors.

[area51]

24. +1 n/t

[sdfernando]

25. If there are in fact more Democrats then Republicans in Texas why

are the offices not subject to gerrymandering (like senators, governor, and other state-wide offices) held by Republicans? Democrats in Texas need to step and and do whatever it takes to change that.

[COL Mustard]

26. Sorry...

Maybe the stupid ones can secede?

[marmar]

2. Texas and Florida are in a constant competition.

[Make7]

3. "Texas shines as a beacon of hope, prosperity, and freedom!"

"... thanks to our unwavering commitment to economic freedom... "

(from the Governor's website)

[calimary]

6. They forgot the "...my ass" part.

[walkingman]

4. Texas GOP is evil - I hope they don't send the Texas Rangers after me.

[House of Roberts]

5. Best to get away from Texas' economic terrorism as fast as one

would get away from Russian economic terrorism.

If they get away with this, what will they attack next?

[thenelm1]

7. It'll never happen, but it would be hysterical if all the big money told Texas to pound sand...

and left Texas. As I recall Texas is already one of the red taker states - receiving more funds from the Fed than they contribute.

(And on another note, where are the Commanches when you really need them...their history in Texas makes for fascinating reading though they ultimately got royally screwed like all of the other indigenous peoples.)

[Botany]

8. The power and reach of the Fossil Fuel Industry is massive. Even if it kills the planet they ...

... don't want the gravy train to stop. Just imagine if your house could be made to heat, cool, make electricity,
and charge your car and all without adding to climate change? That is the reality and the fossil fuel industry
wants to stop that from happening.

[keithbvadu2]

9. That free market stuff is an alien concept to the GQP.

That free market stuff is an alien concept to the GQP.

[magicarpet]

10. Is this the magic Fascist fingers and hands,....

... of free market capitalism ?

I thought these were the folks who swore by unregulated markets that were free of the government's iron fisted approach or interference.

Apparently only when it enhances their political and economic agendas.

[lonely bird]

11. Small government my ass

Build the wall…around Texas and give it back to Mexico.

[burrowowl]

19. Mexico doesn't want it

[TeamProg]

12. So Texas will be losing all of the cleaner, more efficient, best enginieered energy products

to other states who thrive on that.

Not a good look for future planning

And on top that, that's not FREE MARKET.

I see a court case coming around.

[TeamProg]

13. Bottom line: Texas is a REALLY BAD INVESTMENT. n/t

[LudwigPastorius]

14. Texas GOP "small government" in action!

dickheads....

[Mawspam2]

15. Tell it to Elon Musk!

Insist he put engines in his electric cars!

[NullTuples]

16. But according to the Supreme Court, corporate spending is corporate free speech, yes?

[rockfordfile]

17. That law is un-constitutional and just bs

[denbot]

18. Cancel culture says what?

OFFS..

[muriel_volestrangler]

20. Texas - where there's a government mandate to pollute

Complete assholes. This is an environmental crime.

[lapfog_1]

21. If states were vehicles... this would be Texas

[Probatim]

23. Free Markets!!!!!!!! Cancel Culture!!!!!

I posted this yesterday (or the day before - who the hell knows any more) about WV.

Don't these people even read their own platforms?