The repercussions of Texas' new laws targeting 'woke' financial firms that seek to limit investments in fossil fuels, firearms, and the like are starting to be felt.
. This announcement followed a March letter warning 19 blacklisted firms who, in Hegar's words,"effectively may be boycotting the fossil fuel industry."
"We know some of these companies hold investments in oil and gas today, but what about the future?" Hegar asked."Are they selling the hope of a 'green' tomorrow with promises to divest or reduce their fossil fuel exposure?" In response, nearly 90 firms wrote to the state emphasizing their investments in oil and gas companies. It is still unclear whether SB 13 persuaded these firms or others to change their sustainable policies, says, a senior economist at the Federal Reserve Board. Some academic literature, however, predicts that it will become more likely for companies to adopt stronger sustainability practices with the rising risk of climate change, he says.
SB 13 and other legislation adopted in 2021 – including SB 19, which prohibits state entities from contracting with firms that restrict business with the– are estimated to have cost the state between $303 million and $532 million in interest in the eight months after their passage, according to Ivanov'swith Daniel Garrett, an assistant professor at the University of Pennsylvania's Wharton School of Business.
The blackballed firms include not only those managing the state's investments but the banks who underwrite the bonds issued by every Texas city, county, and school district. Anti-"woke" measures like these two bills limit the number of banks who can participate, which leads to those local governments paying higher interest rates.
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