{"id":2179760,"date":"2024-02-19T09:33:02","date_gmt":"2024-02-19T14:33:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/texas-still-skeptical-about-companies-claiming-to-withdraw-from-esg-commitments\/"},"modified":"2024-02-19T09:38:08","modified_gmt":"2024-02-19T14:38:08","slug":"texas-still-skeptical-about-companies-claiming-to-withdraw-from-esg-commitments","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/texas-still-skeptical-about-companies-claiming-to-withdraw-from-esg-commitments\/","title":{"rendered":"Texas remains doubtful of companies&#8217; claims to withdraw from ESG commitments"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftexas-still-skeptical-about-companies-claiming-to-withdraw-from-esg-commitments%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2179760&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Texas Comptroller Skeptical\u200b of Financial Institutions&#8217; Claims to Withdraw from Climate Change Policies<\/h2>\n<p>Texas Comptroller Glenn Hegar <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/watch-israel-launches-intense-round-of-airstrikes-against-palestinian-terror-tunnels\/\" title=\"WATCH: Israel Launches Intense Round Of Airstrikes Against Palestinian Terror Tunnels\">remains skeptical<\/a> of recent claims \u2063made by\u200b financial institutions that \u200bthey are withdrawing from environmental, social, and governance (ESG) investing policies aimed at combating climate change.\u200b J.P. Morgan Asset Management and State\u2062 Street Global Advisors\u200c recently announced\u2064 their withdrawal from Climate Action \u2063100+, an initiative focused on holding the world&#8217;s \u200clargest\u2062 corporate greenhouse gas emitters accountable for climate action.<\/p>\n<p>Climate \u2063Action \u200c100+ boasts over 700 investors \u200dwith $68 trillion in assets and has set a &#8220;net zero \u200cstandard for oil and gas&#8221; targeting ten companies,\u200d many of which are based in Texas.<\/p>\n<p>State Street \u200ccited inconsistencies between the Phase 2 requirements of Climate Action 100+ and their independent approach to proxy voting and portfolio company engagement as the reason for their withdrawal.<\/p>\n<p>BlackRock\u200c Inc. also announced a scaling back of their commitment to Climate Action 100+, but transferred their membership to a subsidiary, BlackRock International Ltd.<\/p>\n<p>These announcements come as Comptroller \u200dHegar continues to add \u200dfinancial companies to his list of\u200c those boycotting the oil and natural \u200dgas industry through ESG policies. The list currently includes fifteen companies and 353 publicly traded investment funds, including BlackRock Inc.<\/p>\n<p>Hegar has been vocal about his goal to bring transparency and honesty to the discussion \u200caround ESG investing, accusing investment firms of \u2062playing politics with \u200cthe retirement money of hard-working Americans.<\/p>\n<p>While Hegar welcomes the institutions distancing themselves from Climate Action \u200b100+, he remains skeptical. He \u2062points to instances\u2062 of firms providing contradictory\u2062 information to \u2062different states and accuses BlackRock of attempting to shift its membership\u2063 to another entity under its \u2064umbrella.<\/p>\n<p>Despite the \u2064withdrawals, Hegar assures \u200bthe people of\u2063 Texas that he will continue to enforce the \u2062laws of the state and make listing decisions based on \u200dTexas law.<\/p>\n<h3>Texas&#8217; Leadership in Oil and Natural Gas Industry<\/h3>\n<p>Texas\u2064 is the oil and natural\u200c gas capital of the \u200dUnited States, breaking records in production, exports, refining outcomes, crude oil supply, \u200dand tax \u2062revenue contributions. The industry paid over $26.3 billion in tax\u2064 revenue, the highest in state \u200chistory.<\/p>\n<p>Texas is also leading the nation in emissions reductions, with the Permian\u200d Basin\u200b reaching record low methane intensity while achieving record production levels. The industry has\u2062 reduced methane emissions intensity \u200dby nearly 85% between 2011 and 2022.<\/p>\n<p>Todd Staples, president of the Texas Oil &#038; Gas Association, emphasizes the commitment of American producers to safety \u200dand environmental protection, stating that industry-led initiatives are making significant strides in reducing emissions \u200band achieving environmental gains.<\/p>\n<p> <\/p>\n<h2> How do financial\u200b institutions&#8217; withdrawal from Climate Action 100+ initiatives impact progress \u200cin combating climate change?<\/h2>\n<p><span>  F its \u200binvolvement in Climate \u2063Action \u200c100+. Hegar \u200band his office have raised concerns regarding the motives behind these\u2062 withdrawals, suggesting that financial institutions may \u2064be reneging on their commitment to addressing climate change in order to satisfy stakeholders who\u200d are skeptical of \u2063the ESG\u200d movement.<\/p>\n<p>Hegar acknowledges the importance of \u200bfinancial institutions in advancing climate\u200c action\u200d and \u2062believes that their withdrawal from such initiatives could hinder progress in \u2064combating climate change.\u200d He argues that these institutions play a crucial role\u2063 in directing capital towards sustainable investments and \u2062pushing companies to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/energy-rebates-maine-drafts-plans-to-distribute-72-million-for-direct-payments-to-help-with-bills\/\" title=\"Energy rebates: Maine drafts plans to distribute  million for direct payments to help with bills\">adopt environmentally friendly practices<\/a>.<\/p>\n<p>The skepticism arises from the fact that\u2063 many\u2062 of \u2062these financial institutions have previously professed their dedication to ESG investing and climate action. The sudden\u200c withdrawal raises questions about the authenticity of their earlier commitment and whether they \u2062are caving\u2064 in to pressure from investors who prioritize short-term \u2064financial gains \u2062over\u200b <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/nasa-accuses-china-of-failing-to-clean-up-space-junk-after-rocket-careens-back-to-earth\/\" title=\"NASA Accuses China Of Failing To Clean Up Space Junk After Rocket Careens Back To Earth\">long-term sustainability<\/a>.<\/p>\n<p>Hegar\u2062 stresses\u200c the need for financial institutions to remain \u2062committed \u2064to climate action, citing the adverse impacts of climate change on the\u2063 economy and the overall well-being of society. He believes\u2063 that Texas, being one of the largest contributors to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-releases-list-of-president-trumps-accomplishments-and-it-is-historic\/\" title=\"White House Releases List of President Trump\u2019s Accomplishments \u2013  And It Is Historic!\">greenhouse gas emissions<\/a> in the US,\u200c should\u2063 take\u2063 a lead \u2064role in addressing climate\u200d change and not shy away from it.<\/p>\n<p>Additionally, Hegar \u200bcriticizes\u2064 the lack\u200b of transparency surrounding the \u200cdecision-making process of \u2063these institutions. He calls for greater accountability and disclosure regarding the factors\u200b that led to their \u2064withdrawal from \u2063Climate\u2063 Action 100+. Understanding \u2063the reasoning behind these decisions\u200c would provide valuable insight into the motivations and priorities of these financial institutions.<\/p>\n<p>The Comptroller \u2062also emphasizes the importance of \u2062collaboration\u200c and \u2064dialogue \u2064between\u200c financial institutions, investors, and policymakers. He \u2064believes that by \u200cworking together, they can devise effective\u2063 strategies to transition towards a\u2063 greener economy while ensuring financial stability.<\/p>\n<p>Hegar&#8217;s skepticism \u2062reflects a growing concern among proponents \u2064of climate action. While financial institutions may have\u2064 legitimate reasons for \u2062withdrawing from certain initiatives, there is a need for\u2063 transparency\u200d and accountability \u200bto maintain trust and momentum in the\u2063 fight against climate change.<\/p>\n<p>In \u2063conclusion, Texas Comptroller Glenn Hegar\u2063 remains skeptical of financial institutions&#8217; claims to withdraw from <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mike-rowe-reacts-to-john-kerrys-solar-panel-comments-energy-cant-be-the-enemy\/\" title=\"Mike Rowe Reacts To John Kerry\u2019s Solar Panel Comments: \u2018Energy Can\u2019t Be The Enemy\u2019\">climate change policies<\/a>.\u2064 He stresses the importance of their role\u200b in advancing climate action and advocates for\u200d transparency, accountability, \u2064and continued commitment to addressing climate change. As the debate around ESG investing and\u2062 climate action continues, it is crucial for financial institutions to demonstrate their\u2063 dedication to long-term sustainability and not\u2064 succumb to short-term \u200bpressures.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Texas comptroller remains skeptical of financial institutions claiming to withdraw from climate change policies. J.P. Morgan Asset Management and State Street Global Advisors recently announced their withdrawal from Climate Action 100+. However, the comptroller questions their commitment to environmental, social, and governance investing<\/p>\n","protected":false},"author":1,"featured_media":2179761,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2023\/12\/6bc9b06210714a5cd0e24f4175ffc8ad.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2179760","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2023\/12\/6bc9b06210714a5cd0e24f4175ffc8ad.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2179760","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2179760"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2179760\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2179761"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2179760"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2179760"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2179760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}