Texas Comptroller Glenn Hegar announced the addition of banking giant HSBC to his list of firms deemed to be 'boycotting' energy companies and therefore subject to divestment of state funds.
“HSBC’s new energy policy is a prime example of a broader movement in the financial sector to push a social agenda and prioritize political goals over the economic health of their clients. HSBC’s policy clearly makes the firm a suitable candidate for listing under Texas law," Hegar said in a statement Monday.in December that it will no longer finance new oil and gas ventures because of climate change.
Republican-led states have taken issue with such policies, characterizing them as a"boycott" of traditional energy sources, and sought to punish banks and fund managers for implementing ESG-related measures in the name of climate change mitigation. Texas law includes investment prohibitions and divestment requirements for state funds entrusted to firms on Hegar's list. The state is the predominant producer of oil and gas in the U.S.
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