Skip to content
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
Insurance Journal - Property Casualty Industry News

Featured Stories

  • Cat Bond Investors Told to Brace for Jamaica Payout
  • Berkley Explains Property Market, Company Appetite
  • Articles
  • Jobs
  • Markets

Current Magazine

current magazine
  • Read Online
  • Subscribe
  • Login
  • Front Page
    • National
    • International
    • Most Popular
    • Magazine
    • Forums
    • Blogs
    • Videos/Podcasts
    • Newsletters
  • News
    • Most Popular
    • National
    • International
    • East
    • Midwest
    • South Central
    • Southeast
    • West
  • Magazines
  • Research
  • Directories
  • Jobs
  • Features
    • Events
    • Forums
    • Market Directories
    • Quotes
    • Polls
    • Rankings & Awards
    • Insurance Giving Back
  • Subscribe

Texas Republicans, Financial Executives Spar Over Climate Actions

By Ross Kerber | December 16, 2022
Email This Subscribe to Newsletter
  • Article

Financial executives and Texas state senators clashed over company concerns for climate change at a hearing on Thursday, a rare in-person confrontation as Republicans ramp up attacks on the use of environmental, social and governance (ESG) factors in investing.

Texas Republicans at the hearing, which was webcast, questioned whether the participation of BlackRock Inc. and State Street Corp. in industry efforts to cut emissions put too much pressure on portfolio companies.

Bryan Hughes, chair of the Texas Senate committee that held the hearing, expressed skepticism the managers could set aside the cooperative goals of groups like the Net Zero Asset Managers initiative, which Vanguard Group Inc. quit last week. When BlackRock pledged all its assets to such efforts, Hughes asked at one point, “you didn’t mean that? You had your fingers crossed?”

BlackRock Senior Managing Director Dalia Blass said the firm has maintained its independence with the groups. “We have one bias, and that’s to get the best risk-adjusted returns for our clients,” Blass said.

Even as they take heat from energy-producing U.S. states, asset managers have faced pressure from climate activists and Democrats to take more environmental action.

With some $8 trillion under management, BlackRock has been singled out by Texas for alleged over-pressuring of its important energy sector. The company has been penalized under the terms of a new state law to protect fossil fuel companies.

A number of State Street funds were also designated. Lori Heinel, global chief investment officer for State Street’s asset management arm, said in prepared remarks, “We are obligated to act as a fiduciary for our clients, and that duty is the basis for our approach to ESG.”

Earlier at the hearing, Texas energy businessman Bud Brigham said a Credit Suisse Group AG GSGN.S banker suggested he tweet in support of net zero goals to help get a loan. Brigham said he regarded the request as coercion. “I was very offended by that,” he said.

A Credit Suisse representative declined to comment.

(Reporting by Ross Kerber in BostonEditing by Frances Kerry and Matthew Lewis)

Copyright 2025 Reuters. Click for restrictions.

Topics Texas Politics

Was this article valuable?

Thank you! Please tell us what we can do to improve this article.

Thank you! % of people found this article valuable. Please tell us what you liked about it.

Here are more articles you may enjoy.

The Hartford Q3 Net Income Up 41%
AIG to Acquire Renewal Rights of Everest’s Retail Commercial Business Worth $2B
New York Hospital Insurer Files for Bankruptcy, Citing Child Sex Abuse Claims
GEICO Sues Medical Firms in Florida, NY Over Alleged No-Fault Auto Fraud

Written By Ross Kerber

More From Author

Interested in Politics?

Get automatic alerts for this topic.

Email This Subscribe to Newsletter
  • Categories: Texas / South Central NewsTopics: activist investors, BlackRock, Climate Change, energy industry, environmental social governance (ESG
  • Have a hot lead? Email us at newsdesk@insurancejournal.com
More News
Federal Judge in Mississippi Admits Staff Used AI to Draft Inaccurate Order
Private Equity Firm Onex, AIG to Acquire Re/Insurer Convex
Monkeys Escape From Overturned Truck on Mississippi Highway
GEICO, Daimler Launch Connected Insurance Program for Truck Fleets
More News Features

Read This Next

  • Texas Republicans, Financial Executives Spar Over Climate Actions
  • Lyft Protected by Florida's 2017 Law in Driver's Miami Crash, Appeals Court Says
  • Why Eating a Burger in Houston Is Less Climate-Friendly Than in Chicago
  • Illinois Sues State Farm for Refusal to Release Homeowners' Insurance Data
  • 3 Democratic Justices Hope to Keep Pennsylvania Supreme Court Seats

Insurance Jobs

  • Senior Underwriter - Denver, CO ( Hybrid)
  • Business Development Representative - Remote/Pittsburgh, PA/Allentown, PA
  • Insurance Account Executive - Remote/ Brooklyn, NY
  • Property Liability Claims Supervisor - Wilsonville, OR
  • Regional Sales Manager - Irving, TX
MyNewMarkets
  • Bigger Piece of the Pie: Surplus Lines Market Hits New Record as Specialty Lines Continue to Grow in Prominence, Market Share
  • Death and Insurance (Not Taxes): Part One
  • AI for Agents
  • How to Attract the Next Generation to Insurance
  • 5 Evolving Trends Shaping Architects and Engineers Coverage
Claims Journal
  • Opioid Distributors Can't Shake $2.5 Billion Suit After Ruling
  • OpenAi Sued for Trademark Infringement Over Sora's 'Cameo' Feature
  • Adjuster Countersues Heritage Over '60 Minutes' Response While Probe Stalls
  • Edison Wildfire Fund to Pay Millions, Fast-Track Death Claims
  • The Impact of Nuclear Verdicts on Casualty Claims
Academy of Insurance education
  • October 21 E&S Property Underwriting
  • October 23 Gotchas That'll Getchya - Latest Policy Language That'll Get You Sued
  • October 30 Challenges in Agency Mergers – Reducing Staff Flight and Avoiding E&O Claims
  • November 6 Risk and Insurance for Digital Nomads

Insurance News

  • News by Region
  • News by Topic
  • Yesterday

Site Search

Features

  • Insurance Markets Directory
  • Forums
  • A.M. Best Company Ratings
  • Industry Events
  • Agencies For Sale
  • Newswire
  • Insurance Jobs
  • Rankings & Awards

Connect with us

  • Email Newsletters
  • Magazine Subscriptions
  • For Your Website
  • RSS Feeds
  • Twitter
  • Facebook
  • LinkedIn
  • Do Not Sell My Info

Insurance Journal

  • Submit News
  • Advertise
  • Subscribe
  • Reprints
  • Link to Us
  • Contact Us

Wells Media Group Network

  • Insurance Journal
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
© 2025 by Wells Media Group, Inc. Privacy Policy | Terms & Conditions | Site Map