Texas Drops BlackRock, Inc. (BLK) From Boycott List

Texas has officially removed BlackRock, Inc. (NYSE:BLK) from its list of financial companies accused of opposing fossil fuel investment. The delisting comes after the company’s decision to exit key climate alliances and adjust its stance on energy-related fund offerings. Texas Comptroller Glenn Hegar made the announcement by citing a significant change in behavior as justification for the removal.

Texas Drops BlackRock, Inc. (BLK) From Boycott List After Climate Policy Retreat

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BlackRock, Inc. (NYSE:BLK) was among the initial companies flagged in 2022 under Texas’s anti-ESG financial laws. The law mandated state divestment from companies deemed hostile to the fossil fuel industry. Following the company’s withdrawal from the Net Zero Asset Managers (NZAM) initiative and reduced engagement with Climate Action 100+, Texas has now delisted BlackRock, Inc. (NYSE:BLK).

These shifts stand parallel to the company’s easing of its exclusionary policies on oil and gas investments. Welcoming the move, Comptroller Hegar has made the following statement.

“It took the company longer than others in the financial sector to make the shift.”

Hegar added that BlackRock, Inc. (NYSE:BLK)’s policy changes indicate a broader shift in the reassessment of fossil fuel investment among major institutions, though 15 financial companies continue to stay on the boycott list. Analysts appear optimistic post-delisting. Wells Fargo reiterated a Buy rating on June 4, revising the price target to $1,105 from $1,035.

Headquartered in New York, BlackRock, Inc. (NYSE:BLK) is a multinational investment management corporation and the world’s largest asset manager, overseeing trillions in assets across institutional and retail portfolios.

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