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Texas has removed BlackRock from a list of companies boycotted from receiving its investment funds, three years after the state targeted the world’s largest asset manager over its environmental policies.
The decision by the state’s comptroller, Glenn Hegar, will allow Texas pension and investment funds with $300bn in assets to buy shares in the asset manager and invest in its funds. State-run funds are also now permitted to turn to the New York-based group for financial advisory and risk management guidance.
BlackRock earlier this year dropped out of the UN-sponsored climate coalition known as the Net Zero Asset Managers. That followed its move to step back from the Climate Action 100+ group in 2024.
Hegar said: “This is a meaningful victory and validates the leadership Texas has shown on this issue, which has seen a monumental shift in the way companies, governments and individual Americans view the energy sector.”
BlackRock did not immediately respond to a request for comment.
