Texas Plans to Punish Companies That Move Away From Fossil Fuels
The state is going after banks that might be "selling the hope of a 'green' tomorrow."
Bloomberg reported this week that Texas’s state comptroller is starting to double down on demands that financial companies tell the state more details about their climate policies, in accordance with a law passed last June that forbids the state from doing business with corporations that “boycott energy companies.”
The law gives the state comptroller broad discretion to assemble a list of companies and allows the comptroller to decide which companies to actually contact—and, as Bloomberg reports, it seems that Hegar is casting a very wide net with the types of corporations and financial firms he is choosing to target. The letter states that if these companies don’t respond within 61 days, it “will result in the presumption under Texas law that your company is boycotting energy companies.”