Dan Patrick Declares War on “Green” Wall Street Investors
The Wall Street “greed is good” philosophy of the fictional Gordon Gekko has not completely disappeared from America’s financial capital, but in recent years, investing has gained a bit of a social conscience (or perhaps just a bit more foresight). Major investment firms such as BlackRock and JPMorgan Chase have vowed, under pressure from customers and activists, to gradually direct their portfolios away from fossil fuel companies. In the financial world, this is known as Environment, Social, and Corporate Governance—or ESG—investing. But among some influential Texans, it’s now called “boycotting” the oil and gas industry. Lieutenant Governor Dan Patrick has made a priority of enacting an ungreen new deal to fight back, bringing to the Senate legislation that would prohibit state pension and education funds…View Original Post
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Source: Texas Monthly