Texas has passed legislation that prohibits state entities from investing in funds that oppose fossil fuel investing. This move is part of a broader trend among red states to push back against the Environmental, Social, and Governance (ESG) agenda. Similar laws have been enacted in other states, leading to reduced competition for borrowing and higher borrowing costs [b9d363ec].
The backlash against ESG investing has had an impact on major energy companies. Exxon Mobil, for example, has stated that it will not proceed with a low-carbon hydrogen project unless it receives tax incentives. This decision reflects the increasing scrutiny and skepticism surrounding green energy initiatives [b9d363ec].
In addition, BP has unveiled a less aggressive decarbonization strategy. The company's new approach aims to strike a balance between environmental goals and shareholder returns. By adopting a more moderate stance, BP hopes to attract investors and deliver higher shareholder returns [b9d363ec].
The new car emission standards proposed by the Environmental Protection Agency (EPA) also pose a threat to gasoline cars. These standards, if implemented, would require automakers to produce vehicles with lower emissions. This could have significant implications for the future of the gasoline-powered automotive industry [b9d363ec].