"Texas School Fund's $8.5 Billion Divestment Signals BlackRock's ESG Limits"

Texas is withdrawing $8.5 billion from BlackRock due to the firm's environmental, social, and governance (ESG) policies, making it the largest such divestment. The move is in line with the state's anti-ESG law, which prohibits investments in companies that boycott energy firms. BlackRock argues that its investments benefit Texas, but Republican officials view the firm's ESG approach as detrimental to the state's oil and gas industry. This divestment reflects a broader backlash against ESG and "woke" corporate practices, with other Republican-led states also targeting BlackRock through divestments.