ESG & Investing
Texas’ ESG Attack Sweeps Up Some Funds That Aren’t Really ESG
Almost 40% of the funds targeted by state comptroller have investments in fossil-fuel stocks.
Pumpjacks operate on oil wells in the Permian Basin in Crane, Texas.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
A Texas statute targeting perpetrators of “ESG” includes a significant number of investment funds that don’t have a genuine environmental, social or governance focus.
Of the 348 funds singled out by Texas Comptroller Glenn Hegar, 14% don’t qualify as ESG, according to an estimate by Morningstar Inc. What’s more, almost 40% invest in the oil and gas industry they’re accused of boycotting, data compiled by Bloomberg show.