Texas wants to ‘punish’ companies ditching fossil fuels

Texas is on the hunt for financial companies moving away from fossil fuels. Or how to flood the planet a little more.

Bloomberg recently reported that the state of Texas in the United States is beginning to require financial firms to provide more information about their environmental policies under a law passed last June that prohibits the state from doing business with companies that “boycott the group’s energy activities.”

Texas hunts financial companies that are phasing out fossil fuels

Comptroller Glenn Hegar sent letters this week to about 150 financial firms, large and small, asking about their climate emergency plans. The initiative follows an initial request sent to 19 companies, including BlackRock and JPMorgan Chase, last month.

“We know some of these companies are investing in oil and gas today, but what about tomorrow?” Glenn Hegar said in a statement regarding letters sent last month. “Are they selling hope for a green future by promising to get rid of fossil fuels or reduce their impact?” These are very relevant questions at a time when the world must do everything to protect the environment…

Or how to flood the planet a little more

The law gives the Comptroller a free hand in listing companies and allows the Comptroller to decide which companies to contact – and as reported by Bloomberg, it looks like Glenn Hegar has decided to cast a very wide net when it comes to the type of firms he targets -. The letter also says that if the companies do not respond within 61 days, the state will assume that “the company is boycotting energy groups.”

It is hard to imagine that the United States could effectively participate in protecting our environment through such actions. But this is the law…