BlackRock Escapes Texas Oil-Boycott List After ESG Retreat (1)

BlackRock Inc. was removed from Texas’ blacklist of companies that boycott fossil fuels, ending a three-year standoff over the environmental policies of the world’s largest asset manager.

The move means pension funds and other state-run investment accounts — which manage more than $300 billion of assets — will be allowed to purchase BlackRock shares, invest in its exchange-traded funds and hire the firm for advice and risk management. Inclusion on the list resulted in some Texas entities pulling billions of dollars of assets from the firm.

State Comptroller Glenn Hegar said BlackRock had rolled back many of its green-focused initiatives, ...