Texas lawmakers target large ‘climate-friendly’ banks — and avoiding boycotts won’t stop them
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Texas lawmakers have never hesitated to use the power of the state to punish those with whom they disagree.
Do you or your company refuse to do business with Israel? Then you cannot do business with the state of Texas. Do you boycott gunmakers? Don’t even think about applying for a state contract.
The newest boycott legislation, though, goes much further. If a financial services firm refuses to do business with coal, oil or natural gas businesses or offers products that allow investors to avoid the fossil fuel industry, then no government authority in Texas can contract its services. If a company invests in those corporations — but demands they tackle climate change — the punishment is the same.
Texas’ law could cost taxpayers $22.5 billion in higher interest rates and fees over the next 30 years, a study by an economist at the Wharton School calculated. This column is part two of a three-part series on the conservative war against considering environmental, social and governance factors, known as ESG, when investing.
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Texas lawmakers target large ‘climate-friendly’ banks — and avoiding boycotts won’t stop them https://www.houstonchronicle.com/business/columnists/tomlinson/article/texas-blackrock-climate-change-esg-taxpayers-18672606.php