Ginny Roscamp, Senior Press Secretary, Federal Communications, Sierra Club, ginny.roscamp@sierraclub.org
AUSTIN, TX — Texas Comptroller Glenn Hegar announced today that the state has removed the world’s biggest asset manager BlackRock from the blacklist of companies it claims are “boycotting” fossil fuels, saying that the move came after BlackRock stepped back from participation in global sustainable finance initiatives including Climate Action 100+ and the Net Zero Asset Managers initiative.
A 2024 report by the Sierra Club dispels those holdings claims, revealing how major asset managers, including BlackRock, put peoples’ savings at risk by using their money to finance fossil fuel expansion and fuel the climate crisis — including the top 5 asset managers holding $741 billion in shares and bonds of fossil fuel companies.
In response to the news, Ben Cushing, director of the Sustainable Finance campaign at the Sierra Club, issued the following statement:
“This move by the Texas Comptroller is the latest sign of how climate-denying politicians and fossil fuel interests are weaponizing public investment to pressure financial institutions into retreating from climate risk management. The so-called 'boycott' list has always been political theater designed to shield polluters from accountability, not to protect pensioners and taxpayers, or to address the most significant financial risks.
Asset managers like BlackRock are ultimately service providers, and they should answer to the expectations of their clients. If the only voices speaking up are those aligned with corporate greed and climate denial, we’ll keep seeing backpedaling from asset managers. That’s why more asset owners — especially public pensions — must step up and hold asset managers accountable to long-term financial and climate goals. We’ve recently seen meaningful steps in this direction from some of the world’s largest asset owners, including New York City’s public pensions and one of the UK’s largest funds. It’s time for more investors to follow their lead.”
BACKGROUND
In January 2025, BlackRock announced it was leaving the Net Zero Asset Managers (NZAM) initiative. The Sierra Club called on BlackRock’s clients to demand that the asset manager fulfill its fiduciary duty to its clients by supporting real-world decarbonization, or find another asset manager who will.
In November 2024, the Texas Attorney General sued several major asset managers, including BlackRock, accusing them of using their role in climate-focused investment initiatives Climate Action 100 and the Net Zero Asset Managers Initiative to “drive up the cost of energy.” The Sierra Club called out the lawsuit for shielding corporate polluters from accountability.
About the Sierra Club
The Sierra Club is America’s largest and most influential grassroots environmental organization, with millions of members and supporters. In addition to protecting every person's right to get outdoors and access the healing power of nature, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.