Texas Targets Destructive Green Agenda
Texas is taking legal action against three major asset managers, accusing them of manipulating coal prices to advance a green agenda. The lawsuit, led by Texas Attorney General Ken Paxton and supported by nine other Republican states, targets BlackRock, State Street, and Vanguard for allegedly restricting coal production to increase prices.
BlackRock has denied the allegations, calling them illogical. The asset managers are accused of participating in Climate Action 100+, a carbon emissions reduction initiative that Vanguard never joined and that BlackRock and Vanguard no longer support.
This legal move comes amid a backdrop of controversy surrounding Paxton, who is under federal securities fraud investigation, as well as facing allegations of bribery and abuse of office. Despite being impeached and indicted, Paxton was acquitted by the Texas senate with a narrow 16-14 vote.
As this story unfolds, it is essential to stay informed about the intersection of finance, securities, and environmental issues in order to understand the implications for both the markets and the environment. Stay tuned for updates on this developing situation.
