A new law prohibits the state from contracting with or investing in companies that divest from oil, natural gas and coal companies
, which went into effect in September, prohibits the state from contracting with or investing in companies that divest from oil, natural gas and coal companies. The law defines divestment as refusing to do business with a fossil fuel company because that company does not commit to environmental standards higher than expected by federal and state law.Firms that received a letter include U.S.-based companies, like JPMorgan Chase & Co.
JPMorgan Chase & Co. and Man Group PLC declined to comment for this story. Other companies Hegar contacted — BlackRock, Inc.; NatWest Group PLC — did not respond to The Texas Tribune’s requests for comment. “Our research thus far shows that some companies are telling us and other energy-producing states one thing, and then turning around and telling their liberal clients in other states another thing,” Hegar said in a. “On one hand, they push net-zero and other environmental, social and governance policies and use their influence and the dollars under their management to limit access to capital for Texas oil and gas firms.
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