Texas Pulls $8.5 Billion From BlackRock Over Energy Boycott Claims

Texas is terminating an $8.5 billion investment with BlackRock, accusing the firm of boycotting energy companies. This is the largest such divestment to date.

The divested funds represent a significant portion of Texas' $53 billion Permanent School Fund, which supports public schools.

Texas passed a law in 2021 requiring divestment from companies boycotting fossil fuels. BlackRock disputes accusations it is boycotting energy.

Activists have cheered the move as a blow against BlackRock's alleged pursuit of ESG standards at the expense of energy companies.

Critics argue the divestment harms Texas consumers and will result in lost economic activity and jobs.