A new Texas law targets anti-fossil fuel companies, especially financial firms. This is not surprising since Texas is a state that hugely relies on fossil fuel products to earn more revenues for its economy.
This is quite different from the plans of other countries and states.
Ever since experts shared their alarming findings regarding climate change, many companies and investors have decided to avoid investing in fossil fuel companies.
Now, Texas comptrollers are deciding to know the financial firms and companies against the fossil fuel business.
New Texas Law Targets Anti-Fossil Fuel Companies
According to Gizmodo's latest report, State Comptroller Glenn Hegar send a letter to around 150 financial firms. These include companies from private equity.
On the other hand, small investors are also included. The new Texas bill requires these companies to disclose their climate change policies.
Hegar and other Texan comptrollers want to know this so that they can identify the companies that are against fossil fuels.
"We know some of these companies hold investments in oil and gas today, but what about the future. Are they selling the hope of a 'green' tomorrow with promises to divest or reduce their fossil fuel exposure?" said Glenn.
Texas Boycotting Investors
The Los Angeles Times reported that the new law of Texas clearly states that they want to boycott companies that are also boycotting the state's fossil fuel industry.
This means that investors avoiding fossil fuel companies will be restricted from doing business in Texas. The newly passed bill arrived after the Biden Administration shared its plans to achieve net-zero emissions.
If you want to see more details about the latest decision of Texas against anti-fossil fuel companies, you can visit this link.
Meanwhile, a new study claimed that offshore wind turbine farm hadn't affected the local fish population.
On the other hand, Apple's carbon emissions have been reduced by around 13.9 million metric tons, thanks to the company's renewable energy efforts.
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Written by: Griffin Davis
