Texas economy

Fighting ESG Efforts to Destroy the Texas Economy

AUSTIN — Texas is leading the fight to curb the expansion of the environmental, social and governance (ESG) movement, a woke investing strategy that prioritizes subjective environmental and social metrics over financial metrics that guarantee returns quality for investors. ESG is estimated to have withdrawn 90% of investment in reliable power over the past five years.


Christian

Since taking office in 2017, Railroad Commission Chairman Wayne Christian has met with dozens of business leaders who have expressed concern that ESG could end the oil and gas industry in the United States. Texas. In response, Christian passed an anti-ESG resolution at the Interstate Oil and Gas Compact Commission (IOGCC) and championed passage of Texas’ new ESG regulations last session ( Birdwell/King).

Christian also sent a letter and personally met with BlackRock executives demanding answers about their ESG practices, their impact on oil and gas, and potential legal issues.

The President has sent a letter to the Texas Employees Retirement System (ERS) regarding ERS proxy voting concerns over net zero funding proposals, and he has sent a letter to the Securities and Exchanges Commission (SEC) of the United States vehemently opposing their climate change proposal. related disclosure rules for companies seeking government standardization of ESG investment rules.

“Your retirement account is just collateral damage for radical environmentalists who leverage ESG investing strategies to fund the oil and gas industry,” Christian said. “Texas is where ESG extremists will meet their match. We’re sending a clear message to Wall Street: If you boycott Texas oil and gas, we boycott you.

This week, Chairman Bryan Hughes of the Texas Senate State Affairs Committee sent letters of inquiry to four major Wall Street firms (BlackRock, State Street Global Advisors, the Vanguard Group and Institutional Shareholder Services) to determine whether these companies use ESG principles that impact state pension funds.

Additionally, Texas Comptroller Glenn Hegar released his list of financial companies boycotting energy companies and Texas Attorney General Ken Paxton launched a state attorney general’s first investigation into a energy company. ESG rating for alleged consumer fraud and unfair commercial practices.

“I’m thrilled to see my fellow conservatives joining the defense against the ‘woke’ bankers on Wall Street,” Christian continued. “Rally the Troops: It is here in Texas that we will draw the line against the detrimental impact of ESG on oil and gas.”