BlackRock has come out fighting against Texas’s decision to single it out as hostile to fossil fuels, calling it “opportunistic”, “anti-competitive” and “bad for business”.
The world’s biggest asset manager was the only US company included by Glenn Hegar, Texas comptroller, on a list of 10 financial institutions that “boycott” fossil fuels. The groups now face possible divestment by state pension funds.
“Trying to stop a US company from doing business in its own backyard is bad for business,” said Mark McCombe, the head of BlackRock’s US business, who made multiple trips to Texas to lobby state officials while the list was being drawn up. “It looks opportunistic in this climate.”
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