Blackrock has announced what its investment portfolio will look like in 2030 relating to ESG policies. The statement made clear that the majority of the investments made by the firm will comprise companies, and governments, that have clear goals of reducing emissions.

Texas has been taking aim at companies with views like this under the Oil and Gas Protection Act, asking companies like BlackRock for clarification on climate practices to determine future business with the state.

"As the transition proceeds and issuers and asset owners continue to position themselves in front of it, we anticipate that by 2030, at least 75% of BlackRock corporate and sovereign assets managed on behalf of clients will be invested in issuers with science-based targets or equivalent," the statement said. The current estimate is 25 percent.

"BlackRock's role in the transition is as a fiduciary to our clients. Our role is to help them navigate investment risks and opportunities, not to engineer a specific decarbonization outcome in the real economy." "Our clients' portfolios – which reflect the global economy – cannot reach net zero without sustained and consistent government policy, accelerated technological breakthroughs, and substantial adaptation in corporate business models," the company added. "These portfolios will reflect the regulatory and legislative choices governments make to balance the need for reliable and affordable energy, and orderly decarbonization."

The 2030 emissions targets are a vital part of joining the Net Zero Asset Managers Initiative, which "is an international group of asset managers committed to supporting the goal of net-zero greenhouse gas emissions by 2050 or sooner, in line with global efforts to limit warming to 1.5 degrees Celsius; and to supporting investing aligned with net-zero emissions by 2050 or sooner." BlackRock joined the group in March of 2021.

Last month, Texas Comptroller of Public Accounts Glenn Hegar submitted letters to 19 companies that he believed were not in compliance with the Oil and Gas Protection Act. The companies were: Abrdn PLC BlackRock BNP Paribas Credit Suisse Group AG Danske Bank A/S HSBC Holdings PLC Invesco Ltd. JPMorgan Chase & Co. Jupiter Fund Management PLC Man Group PLC NatWest Group PLC Nordea Bank Abp Rathbones Group PLC Schroders PLC Sumitomo Mitsui Trust Holdings, Inc. Svenska Handelsbanken AB Swedbank AB UBS Group AG Wells Fargo & Company

“A handful of companies are echoing promises by the Biden administration about a ‘transition’ to green energy,” Hegar said. “They’ve managed to convince people that electric cars and wind and solar power generation can meet our energy needs, and if we just stop investing in oil and gas, the transition will be swift and painless.”

Hegar added that their research suggests companies are telling states like Texas one thing and telling liberal clients in other states another.