AUSTIN (Nexstar) — Texas Comptroller Glenn Hegar sent a letter to 19 financial companies that he alleges could be ‘boycotting the fossil fuel industry.’

Hegar is asking the companies, including JP Morgan and Wells Fargo, to clarify their fossil fuel investment policies and procedures, and has requested a list of any mutual funds or exchange-traded funds in their portfolios that may prohibit or limit investment in fossil fuels.

It’s part of Hegar’s efforts to implement Senate Bill 13, which was passed during the 87th Regular Legislative Session.

The bill does not prohibit these companies from boycotting fossil fuels, but rather prohibits Texas state agencies that invest funds from investing in financial companies that boycott energy companies.

The analysis of the bill explains further:

“Specifically, it requires the Comptroller of Public Accounts of the State of Texas (comptroller) to prepare and maintain a list of all financial companies that refuse to deal with, terminate business activities with, or otherwise take any action that is, solely or primarily, intended to penalize, inflict economic harm on, or limit commercial relations with a financial company because the company engages in the exploration, production, utilization, transportation, sale, or manufacturing of fossil fuel-based energy and does not commit or pledge to meet environmental standards beyond applicable federal and state law.”

Sen. Birdwell, et al.

The list that Hegar compiles will then be sent to state agencies that invest funds, who then send a letter to the companies mentioned, informing them the agency will divest unless they stop boycotting the energy companies within 90 days.

“A handful of companies are echoing promises by the Biden administration about a ‘transition’ to green energy. They’ve managed to convince people that electric cars and wind and solar power generation can meet our energy needs, and if we just stop investing in oil and gas, the transition will be swift and painless. Anyone who has paid any attention to recent events knows that just isn’t true,” Hegar said in a statement.

The letters were sent to:

  • Abrdn
  • BlackRock
  • BNP Paribas
  • Credit Suisse Group AG
  • Danske Bank A/S
  • HSBC Holdings PLC
  • Invesco Ltd.
  • JPMorgan Chase & Co.
  • Jupiter Fund Management PLC
  • Man Group PLC
  • NatWest Group PLC
  • Nordea Bank Abp
  • Rathbones Group PLC
  • Schroders PLC
  • Sumitomo Mitsui Trust Holdings, Inc
  • Svenska Handelsbanken AB
  • Swedbank AB
  • UBS Group AG
  • Wells Fargo & Company

Hegar’s statement adds that another round of letters will be mailed to more than 100 other publicly traded investment companies soon that appear to have one or more funds boycotting fossil fuels.