BlackRock Removed from Texas Boycott List After Exiting Climate Group

 The US state of Texas has decided to remove BlackRock from its boycott list after the investment firm decided to withdraw from the Net Zero Asset Managers (NZAM) climate initiative. 

Texas Comptroller Glenn Hegar said the decision reflected BlackRock’s retreat from climate-related industry groups like NZAM. He also noted that the company has reduced its support for environmental shareholder resolutions and its support for the creation of the new Texas Stock Exchange.

"BlackRock has recognized the real social and economic impacts, both in Texas and globally, of restricting investment in the oil and gas industry," Hegar said in a statement on Tuesday (6/5/2026), as quoted by Reuters. 

BlackRock's removal from the boycott list will make it easier for Texas state agencies and funds to do business with the largest asset manager. It could also be used as a defense argument in a lawsuit filed by Texas Attorney General Ken Paxton against the company's environmental record.

BlackRock welcomed Hegar’s decision. In a statement, BlackRock expressed its support for helping millions of Texans through its investment activities. “We are proud to help Texans retire well and, on behalf of our clients, invest more than $400 billion in corporate, local government, energy infrastructure and other private assets across the state. These investments support Texas’ economic growth,” the company wrote.

BlackRock was previously on the boycott list because it was considered to be hampering Texas' efforts to achieve energy security through investment policies that were considered detrimental to the coal industry.

In addition to BlackRock, Hegar also included a number of other European asset managers on the boycott list in 2022, based on state laws passed the previous year.

The boycott list was a response to Wall Street's investment trend at the time, which emphasized environmental and social priorities. Facing increasing political pressure under President Donald Trump, several BlackRock competitors have also withdrawn from climate-related industry groups and reduced support for shareholder resolutions that call for, among other things, emissions cuts or production restrictions.

Democratic leaders and climate activists have accused the companies of weakening their commitment to environmental issues they previously promoted.