Texas schools pull $8.5 billion from BlackRock over fossil fuel ‘boycott’

Texas’s public schools are pulling out billions of dollars that had been invested with asset manager BlackRock — a firm the state accused of boycotting fossil fuels.

On Tuesday, Aaron Kinsey (R), head of the state board of education, announced that his agency was pulling $8.5 billion out of management by BlackRock.

The company’s “dominant and persistent leadership” in the environmental, social and governance (ESG) movement “immeasurably damages our state’s oil & gas economy and the very companies that generate revenues” for Texas’s Permanent School Fund (PSF), which supports the...