Posted 3/19/2024, 11:08:00 PM
Texas Divests $8.5 Billion in Public School Funds From BlackRock Over Fossil Fuel Stance
- Texas pulls $8.5 billion in public school funds from BlackRock, accusing it of boycotting fossil fuels
- BlackRock's ESG stance "damages" Texas oil and gas economy that provides revenue for schools
- Fossil fuel industry contributes $26B in taxes, $1.8B of which funds Texas public schools
- BlackRock remains on Texas list of companies out of compliance with 2021 law banning state business with fossil fuel boycotters
- Texas schools official calls divestment an “existential” move to protect long-term funding that “primarily originates from the oil and gas industry"
