Finance
Investment Giants Urge Texas to End Most Natural Gas Flaring
- Group tells regulators that routine flaring should end by 2025
- AllianceBernstein, CalSTRS, LGIM: Industry hasn’t done enough
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Investors managing more than $2 trillion are calling on Texas regulators to ban the routine burning of natural gas from shale fields, arguing that the energy industry hasn’t moved quickly enough to curb the controversial practice.
AllianceBernstein, California State Teachers’ Retirement System and Legal & General Investment Management said they support eliminating gas flaring by 2025, according to a letter to the Texas Railroad Commission, which oversees oil and gas in the state. All three investors have been vocal on environmental issues before, but it’s the first time large institutional investors have taken such a public stance to the Texas regulator.