As per officials, Texas Attorney General announced the launch of a lawsuit against investment giants BlackRock, Vanguard and State Street, joined by 10 other states, accusing the asset managers of using their positions in climate-focused investment initiatives to manipulate coal markets and drive up the cost of energy.
The announcement marks the latest in a series of moves in an ongoing anti-ESG movement by Republican politicians in the U.S. Texas has been one of the most active states in anti-ESG initiatives, with actions including having several asset managers placed on a list for potential divestment for allegedly “boycotting” energy companies, as well as joining a multi-state alliance to “protect individuals from the ESG movement,” through actions such as blocking the use of ESG in all investment decisions at the state and local level, and prohibiting state fund managers from considering ESG factors in their investments on behalf of the state.
