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BlackRock, UBS Among Firms Named Energy-Industry Boycotters by Texas

  • State comptroller names 10 companies after months-long inquiry
  • Others include BNP Paribas, Credit Suisse and Danske Bank
Bloomberg business news
University of Texas Taps Into Big Oil
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Texas is taking steps that could cost BlackRock Inc., UBS Group AG and eight other finance firms business with the state after finding them to be hostile to the energy industry.

Glenn Hegar, the Republican state comptroller, on Wednesday named the firms he considers to “boycott” the fossil fuel sector. The move ends roughly six months of suspense that led Texas municipal-bond issuers to avoid banks whose status was unclear amid the office’s probe into companies’ energy policies. Governmental entities should use the list as a “filtration system” when entering contracts, Hegar said in an interview.