Texas passed a law treating financial companies shunning fossil fuels the same way it treated companies that did business with Iran, or Sudan: boycott them. But the state is straining to implement the law. | via NPR
a former legislator whose foundation takes money from the fossil fuel industry.
Experts are skeptical about the Texas law's chances of success. They point to gaping loopholes in the legislation. They say that the climate risks to the financial system are so huge that there's no real way to stop financial firms from pricing them in - and going greener in the process. But for now, figuring out who is really doing climate-conscious finance is actually quite tricky. So tricky, in fact, that the new law might even snare consultants the state hired to help.a financial ratings firm that analyzes green investments, to provide data about financial firms, public records obtained by Floodlight show.
"The simple truth is that the creation of this list would present no challenge whatsoever if these companies were open, transparent and honest about their position on the fossil fuel sector," a spokesman for the comptroller's office wrote in a statement. If a company believes that its fossil fuel assets are going to be worth less in the future because of things like carbon taxes, or more powerful natural disasters caused by climate change, then it makes sense for a company to sell those assets now, Schuwerk explains.
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