Gustavo Bernal Torres
Texas and Florida's war on ESG
Politicians in some US states have been railing against so-called “woke capitalism,” targeting ESG funds in particular.
Texas Comptroller Glenn Hegar released a list of 10 companies and 348 investment funds that will be barred from doing business with the state because they “boycott energy companies.”
The Texas action is not an isolated development. The Florida State Board of Administration passed a resolution banning ESG considerations in managing its pension plan, and late last month, West Virginia barred five major financial firms, including BlackRock and JPMorgan Chase, from new state business after concluding they were boycotting the fossil fuel industry.
Source: https://www.axios.com/2022/08/25/texas-bans-blackrock-ubs-esg-backlash & https://www.pionline.com/esg/florida-state-board-backs-desantis-resolution-ban-esg-considerations-managing-pension-plan