When Texas placed BlackRock on an investment blacklist in August 2022, accusing the firm of boycotting the oil industry, critics called it an act of self-harm by a state that put a performative stunt ahead of its fiduciary duties.
For America’s energy superpower, it was a point of principle: taking on the perceived liberal bias of New York finance houses that it felt were ostracising its most prized sector.
This week Texas claimed vindication. The state announced it would allow the world’s biggest asset manager to regain access to its $300bn state-run pension and investment funds, saying its stand had caused BlackRock to rethink its investment approach and pull back from green initiatives.
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