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Texas names 10 companies as boycotters of state's energy industry
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Texas Comptroller Glenn Hegar on Wednesday announced the names of several financial institutions he says are hostile to the state's energy industry and could impact their ability to do business in the state.
The 10 financial companies, which include cost BlackRock Inc. and UBS Group AG, are part of an inquiry conducted by Hegar's office earlier this year.
"The environmental, social and corporate governance (ESG) movement has produced an opaque and perverse system in which some financial companies no longer make decisions in the best interest of their shareholders or their clients, but instead use their financial clout to push a social and political agenda shrouded in secrecy," Hegar said in a statement.
In March and April, Hegar sent inquiries to more than 150 companies requesting information on whether they were shunning the oil and gas industry in favor of sustainable investing and financing goals, Bloomberg reported.
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