BlackRock Busted, Still Enforcing Fossil Fuel Boycott in Texas

BlackRock, the world’s largest asset manager, is again under scrutiny in Texas for allegedly continuing to pressure companies to abandon fossil fuels—despite being removed earlier this year from the state’s official energy boycott list. A new report claims BlackRock’s climate policies still violate Texas Senate Bill 13, a law passed in 2021 to protect the state’s fossil fuel industry from politically driven financial discrimination.

Senate Bill 13 bars state contracts with financial firms that limit or cut ties with oil and gas businesses for reasons not required by federal or state law. BlackRock was initially placed on the boycott list for violating that standard but was removed following assertions that the company had reformed its approach.

However, a report released by the American Energy Institute and Consumers’ Research says otherwise. According to the report, BlackRock continues to enforce voting policies that push companies toward “science-based” net-zero emissions goals and support shareholder proposals restricting fossil fuel production. The policies also impact industries tied to carbon output, including agriculture.

Will Hild, executive director of Consumers’ Research, called BlackRock’s claim of reform a public relations maneuver. “This report puts an end to the mess that BlackRock is currently spreading,” Hild said, warning that the firm remains committed to climate activism that punishes Texas energy producers.

The report accuses BlackRock of discriminating against coal companies and pushing shareholder demands that could damage Texas’s agricultural and energy sectors. Though BlackRock recently left some climate-related investor coalitions, the report points out that affiliates continue to participate and that the firm’s policies remain in effect.

Jason Isaac, CEO of the American Energy Institute, said the findings prove that BlackRock’s removal from the boycott list was premature. “BlackRock never stopped discriminating against American energy companies, it has simply gotten better at disguising it,” Isaac said, accusing the firm of deploying “public relations campaigns to obscure their true behavior.”

Isaac added that BlackRock’s actions directly threaten Texas jobs and energy independence, and he urged the state to take decisive action. The report concludes with a recommendation that Texas reevaluate BlackRock’s removal and reinstate the firm on the boycott list.

The Texas Attorney General is currently suing BlackRock for allegedly coordinating with other firms to restrict fossil fuel investments, further elevating legal scrutiny on the investment giant.

Despite BlackRock’s ongoing attempts to appeal to Texas—including investments in natural gas and support for a new stock exchange—the report makes clear that these efforts should not excuse violations of Texas law.

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