A handful of state leaders targeting ESG investing have quiet stakes in the fossil fuel industry. schwartzbCNBC reports.
environmentally conscious investing, and the president used his first veto on a measure that would have shot down a Labor Department rule that promoted ESG policies.
McCoy disclosed in 2020 that he owns bonds in fracking company Halliburton and a stake in the U.S. Oil Fund, an ETF that tracks the benchmark price of U.S. crude oil. The disclosure says that these stakes are either "more than 5 percent of the total interests in such business or investment, or [have] a net fair market value of more than $5,000.
When asked about what the state ethics commission does to verify if those signed statements are accurate, Barrett said in an email that "once these documents have been filed with our office and reviewed, there is an opportunity to determine if there are any discrepancies in the filings. Investigations can be initiated internally through our office or by a third party complaint."McCoy is far from the only ESG critic who has a financial or political interest in fossil fuel companies.
Hegar has since escalated his campaign against the institutions. Hegar sent letters to fellow state money managers arguing that they have not done enough to cut ties with BlackRock and other firms that he said boycotted the oil and gas industry, BloombergIn the lead-up to his anti-ESG push, Hegar owned stock in the oil and gas industry. In 2021,
Hegar's political ambitions have also seen a boost from the oil and gas industry — a dominating force in Texas.
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