FILE PHOTO: A worker cleans a Barclays logo outside a bank branch in the financial district of London, Britain July 8, 2019. REUTERS/Simon Dawson
By Isla Binnie
NEW YORK (Reuters) – Texas Attorney General Ken Paxton on Friday said Barclays bank would not be permitted to underwrite municipal bonds after failing to respond to questions from state authorities about its pledges to cut greenhouse gas emissions.
Republican officials have criticised environmental, social and governance (ESG) investing and have moved to limit the role of other banks in the local government debt market over such concerns.
A Barclays spokesman declined to comment.
Paxton’s office in a statement said it had identified Barclays as being a member or affiliate of a net zero alliance, a type of trade group aimed at reducing planet-warming greenhouse gas emissions that began gaining traction around a United Nations conference in Scotland in 2021.
“This raised concerns that Barclays’ activities may require it be classified as a ‘fossil fuel boycotter’ under Texas law,” the statement said.
“When asked for more information concerning its ESG commitments, Barclays elected not to respond to the questions and acknowledged that by doing so it would likely forfeit its ability to contract with Texas governmental entities,” the statement continued.
A Texas finance chief keeps a list of financial firms deemed to boycott energy companies, and the state has been a leader in a conservative challenge against a Biden administration rule allowing socially conscious investment of employee retirement plans.
(Reporting by Isla Binnie; Editing by Mark Porter)
News Related-
High court unanimously ruled indefinite detention was unlawful while backing preventive regime
-
Cheika set for contract extension as another Wallabies head coaching candidate slips by
-
Analysis-West's de-risking starts to bite China's prospects
-
'Beyond a joke' Labor won't ensure PTSD protections: MP
-
Formula One season driver ratings: Lando Norris shines as Max Verstappen nears perfection
-
Catalina golfer Tony Riches scores Guinness World Record four holes in one on same hole
-
Florida coach Billy Napier fires assistants Sean Spencer, Corey Raymond with expected staff shakeup ahead
-
Rohingyan refugee NZYQ accidentally named in documents published by high court
-
Colorado loses commitments of 2 more high school recruits
-
Queensland Health issues urgent patient safety alert over national bacteria outbreak
-
Townsville Community Pantry 'distressed' by fruit, vegetable waste at Aldi supermarket
-
What Is The Beaver Moon And What Does It Mean For You?
-
Labor senator Pat Dodson to resign from politics due to health issues
-
Hamas releases 11 more hostages, as Israel agrees to extend ceasefire