Texas lifts BlackRock blockade – Withdrawal from climate coalitions paves way back into state funds

Texas allows BlackRock to invest again – following the asset manager's withdrawal from climate-focused investor alliances.

6/5/2025, 12:12 PM
Eulerpool News Jun 5, 2025, 12:12 PM

The US state of Texas has removed the world's largest asset manager BlackRock from a blacklist, once again allowing state pension and investment funds access to its products. The volume at stake: around 300 billion US dollars.

The decision follows a series of BlackRock's withdrawals from climate policy initiatives. Already at the beginning of the year, the New York company left the UN's Net Zero Asset Managers initiative and the Climate Action 100+, an investor alliance to decarbonize the industry. This shift away from ESG positions – environmental, social, governance – has now paid political dividends.

Texas Comptroller Glenn Hegar spoke on Tuesday of a "significant victory" and praised BlackRock's new line as evidence of a "genuine political shift." The measure was not intended as a punishment, but rather to encourage a change in thinking.

For BlackRock, re-entering the Texas system is a strategic success. The relationship with public clients like the $200 billion teacher pension fund or the more than $40 billion state employee pension fund had been blocked since 2022 after Texas placed the company on a blacklist for allegedly disadvantaging fossil fuels.

Even CEO Larry Fink, once a vocal advocate of sustainable investments, has now distanced himself from ESG vocabulary: The term has been "completely politicized," he said in an interview. In Texas, this shift is likely to have been seen as a concession.

At the same time, a case against BlackRock continues with the Texas Attorney General. According to him, the asset manager, together with competitors, has illegally tried to influence energy markets in favor of green strategies. BlackRock dismissed the allegations as "factually and legally baseless.

Despite this legal front, Texas remains economically intertwined with BlackRock. According to company data, more than $400 billion in client funds are invested in the state. The blockade that has now been lifted provides both sides with renewed leeway for action—with political and economic implications far beyond Texas.

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