A lawsuit in Texas accuses major investment firms, including BlackRock, Vanguard, and State Street, of conspiring to reduce coal production by purchasing shares in coal companies. BlackRock’s legal team argues that these claims are baseless and defy economic logic. The lawsuit, supported by Texas and ten other states, highlights BlackRock CEO Laurence D. Fink’s past statements on corporate responsibility for greenhouse gas reductions. Texas has enacted laws prohibiting state entities from engaging with firms deemed to boycott energy companies. In response to political pressure, some firms have distanced themselves from climate initiatives such as Climate Action 100+ and the Net Zero Asset Managers Initiative.
— new from The New York Times
