Texas announced Tuesday it would sell $8.5 billion from asset management giant BlackRock over the company’s anti-fossil fuel policies.
Republican State Board of Education Chairman Aaron Kinsey Said The $53 billion Texas Permanent School Fund (PSF) has issued a formal notice to BlackRock that it is “terminating financial management of approximately $8.5 billion in Texas assets.”
Today, Texas Permanent School Fund leadership issued a formal notice to global asset management firm BlackRock to terminate its financial management of approximately $8.5 billion in Texas assets.
My statement: pic.twitter.com/wf79a1jZlf
— Aaron Kinsey (@AaronKinseyTX) March 19, 2024
Kinsey said he divested from BlackRock in accordance with the state’s 2021 law restricting investments in companies that boycott fossil fuel companies. Texas banned BlackRock and nine other financial companies from working with the Lone Star State.
BlackRock, a pioneer in the environmental, social and governance (ESG) movement, disputed that it was boycotting energy producing companies.
black rock Said In a statement Tuesday, it said:
BlackRock helps millions of Texans invest and save for retirement. On behalf of our clients, we have invested more than $300 billion in Texas-based companies, infrastructure, and local governments, including $125 billion in energy investments; That includes $550 million from a joint venture with Occidental.
“Today marks a major step forward for Texas PSF and the entire state,” Kinsey said in a statement. “PSF cannot afford to stand idly by as our financial future is attacked by Wall Street. With this bold move, our PSF will indeed survive in perpetuity and remain relevant for generations to come. We will continue to support bright futures and opportunities for Texas students across the globe.”
Sean Moran is a policy reporter at Breitbart News. Follow him on Twitter @SeanMoran3.
