Texas Comptroller Glenn Hegar informed 19 financial commitment corporations to make clear their stance on fossil fuels or confront divestment.
AUSTIN, Texas — The Texas Comptroller of Community Accounts, Glenn Hegar, sent a letter to 19 expenditure organizations asking about their loyalty to fossil fuels.
A few providers are centered in the U.S.: BlackRock Inc., Invesco Ltd., and JPMorgan Chase & Co. The relaxation span the globe.
Senate Monthly bill 13 requires all Texas retirement programs to go dollars away from companies that boycott oil and gasoline. The monthly bill was signed into legislation past year.
The investments impression Lecturers Retirement System of Texas (TRS) and the Staff Retirement Technique of Texas (ERS).
Hegar requested the 19 companies to make clear their policies and procedures.
“We know some of these providers keep investments in oil and fuel today, but what about the future? Are they advertising the hope of a ‘green’ tomorrow with guarantees to divest or cut down their fossil fuel publicity? A handful of organizations are echoing claims by the Biden administration about a ‘transition’ to eco-friendly power. They’ve managed to convince individuals that electrical automobiles and wind and photo voltaic electrical power technology can satisfy our electricity requires, and if we just end investing in oil and gasoline, the transition will be swift and painless. Everyone who has paid out any consideration to modern functions knows that just is not correct,” Hegar reported in a press launch to KVUE Information.
Hegar requested the firms to also record any mutual cash and exchange-traded cash (ETFs) which boycott or limit investment decision in fossil fuels.
“Our investigation as a result considerably shows that some organizations are telling us and other energy-developing states 1 factor, and then turning all around and telling their liberal clientele in other states one more detail,” Hegar claimed in the launch.
Last January, the KVUE Defenders described on how improving the State’s electrical grid could effects retirement bucks.
Texas regulation needs the electric power grid supervisor to use all-natural fuel for extra than 50 % of its electric power generation.
Revenue used to boycott fossil gasoline investments would threaten the grid’s most important electricity useful resource unless the Point out adjusted its strength combine.
Relevant: How the Texas energy grid could be impacting your retirement approach
The companies have 60 times to react.
Hegar expects to deliver a different round of letters, making contact with 100 more publicly traded expenditure firms.
Hegar will later publish the listing of companies on the comptroller’s internet site.
The comptroller’s website displays the State’s present-day divestment list features:
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