In a groundbreaking move, the state of Texas has decided to terminate its massive $8.5 billion investment with BlackRock, citing the firm's involvement in what it perceives as a boycott of energy companies.

This decision, driven by concerns over the impact on Texas' oil and gas sector, marks a significant stance against the environmental, social, and governance (ESG) movement.

The decision, spearheaded by Texas State Board of Education Chairman Aaron Kinsey, is framed as a stand to uphold the state's laws and safeguard its financial interests.

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Kinsey emphasized the critical duty of the Texas Permanent School Fund to protect the state's oil and gas revenues managed by the Texas General Land Office.

He stressed that ending BlackRock's contract not only ensures compliance with Texas law but also preserves the integrity of the fund, which represents a significant portion of the state's financial assets.

This action stands out as one of the largest moves against ESG standards pursued by Republican-led states, signaling a stance against divestment from traditional energy industries in favor of green energy.

Despite the momentum of the ESG movement, there is notable resistance from the energy sector and lawmakers at both state and federal levels.

Texas, with its enactment of Senate Bill 13 in 2021 requiring scrutiny of financial companies boycotting fossil fuel companies, illustrates this pushback. BlackRock's listing prompted calls for divestment from various state funds.

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While BlackRock has defended its position, citing investments in traditional energy and collaborative projects with energy companies, Texas' decision has garnered support from organizations opposing ESG policies.

This move by Texas aligns with similar actions taken by states like Arizona and Florida, reflecting a broader trend among Republican-led states to distance themselves from firms associated with ESG standards.