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The Global To-Do List. One year, seven actions. One year, seven global actions. “It’s time for a reality check. We can’t keep making ambitious commitments but then only half implementing them. We can’t aff...

You might not know that this matters to you, but it does. As more citizens / investors move their money in the direction of their values, this roadblock was constructed, primarily by the fossil fuel industry. State legislatures took language provided by the energy industry (this practice began with long gone OK's Scott Pruitt) told managers of pension plans for state employees how they could, and could not, manage using factors we call ESG...or sustainable impact principles.

So, if you thought that climate change could hurt your pension, tough luck. Oil companies wanted to squash you. Recently, the Oklahoma court, Missouri court and now Texas courts have ruled that you can't let the legislature tell portfolio managers what criteria they could use.

"The American Sustainable Business Council sued Texas officials to block a law that restricts state investments with certain financial firms because of their energy policies.

The lawsuit filed Aug. 29 in federal court in Austin, argues the 2021 state law is unconstitutional and it seeks to “coerce and punish” businesses seeking to reduce reliance on fossil fuels.

The group — a nonprofit that represents thousands of businesses and advocates for environmentally friendly policies — sued Texas Comptroller Glenn Hegar and the state’s Attorney General Ken Paxton, who have been vocal supporters of the measure. In the lawsuit, it argued that the law overstepped and went against the First Amendment.

“It impermissibly infringes rights of free speech and association under a scheme of politicized viewpoint discrimination, based on no legitimate state interest,” lawyers for the group said in the lawsuit.

Representatives for the comptroller and attorney general did not respond to an email and phone call requesting comment.

Main drivers of electricity rate hikes are the rising costs of maintaining and expanding grid infrastructure and spikes in fossil fuel prices.
Jeff St. John reports for Canary Media.