BlackRock Pitches a Fit Over Texas $8.5B Divestment Due to ESG

The State of Texas just dropped a major bombshell last week. The Texas Permanent School Fund (PSF) pulled $8.5 billion of its investments away from BlackRock, the world's biggest investment firm, over the state’s determination that BlackRock is engaged in a boycott of energy companies by pressuring companies to avoid the fossil fuel sector by using ESG (environment, social, governance) litmus tests (see Texas Yanks $8.5 BILLION Out of BlackRock re ESG). BlackRock is "pushing back with force," claiming it has $320 billion in energy investments and is not hostile to Texas oil and gas. Nice try, BlackRock, but no cigar.

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