Texas Removes BlackRock from Fossil Fuel Blacklist

Texas has removed BlackRock from its list of companies considered to boycott fossil fuels, ending a three-year dispute sparked by the asset manager's earlier ESG commitments. The decision follows BlackRock's withdrawal from key climate initiatives and a reduction in funds that exclude oil and gas investments. Texas Comptroller Glenn Hegar cited these actions as evidence of BlackRock's more constructive stance toward fossil fuels' economic importance to Texas. The removal allows Texas state pension and investment funds, which oversee more than $300 billion in assets, to resume business with BlackRock, a firm managing $11.55 trillion globally. BlackRock has worked to improve relations with Texas officials and support local economic initiatives, though these efforts were not directly tied to the state's decision. The move underscores ongoing national debates over ESG policies and the energy sector's future.