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.
Hegar said the bank’s updated policy restricting financing of oil and natural gas was cause for its addition to the list, which brings Texas’ blacklist to a total of 11 global financial firms, including investment giant BlackRock.
“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.
HSBC said in December, “We are powering new solutions to the climate crisis and supporting the transition to a low-carbon future. We are building an inclusive organization that prioritizes well-being, invests in learning and careers and prepares our colleagues for the future of work.”
They added, “In line with the policy, we will no longer provide new lending or capital markets finance for the specific purpose of projects pertaining to new oil and gas fields and related infrastructure when the primary use is in conjunction with new fields.”
Texas Comptroller tweeted Monday, “Comptroller @Glenn_Hegar announces update to list of financial companies that boycott energy companies.”
Comptroller @Glenn_Hegar announces update to list of financial companies that boycott energy companies. https://t.co/mSkFW6851G pic.twitter.com/I7EYLtsrFG
— Texas Comptroller (@txcomptroller) March 20, 2023
Reporter Brad Johnson tweeted, “.@txcomptroller has added @HSBC, a British-based bank, to the state’s list of fossil-fuel ‘boycotting’ companies — triggering the removal of direct or indirect investments in the bank by state pensions. The bank has decided to prohibit new oil and gas investments. #txlege”
.@txcomptroller has added @HSBC, a British-based bank, to the state’s list of fossil-fuel “boycotting” companies — triggering the removal of direct or indirect investments in the bank by state pensions.
The bank has decided to prohibit new oil and gas investments. #txlege https://t.co/vTkswdQ01g pic.twitter.com/ehkUCZKB20
— Brad Johnson (@bradj_TX) March 20, 2023
Texas blacklists HSBC over ‘boycott’ of fossil fuels https://t.co/MSoA46wjXC
— Mike (@gupdiver) March 21, 2023
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