Texas Adds NatWest to Energy Boycott List

Texas Comptroller Glenn Hegar has added NatWest Group to a list of financial firms considered to be boycotting energy companies, following the bank's decision to cease financing for oil and gas exploration and production after 2025. This policy aligns with NatWest's commitment to combat climate change, but it may limit the bank's business with state agencies, as under Texas law, firms on this list face restrictions on public contracts and investments. The law, passed in 2021, aims to protect the state's oil and gas industry and has previously included firms like BlackRock and HSBC. NatWest has not publicly commented on the implications of this move, and it is unclear how much business will be affected. The decision is part of broader Republican efforts in Texas against environmental, social, and governance (ESG) considerations in financial markets. NatWest's stance reflects a growing trend among financial institutions to prioritize sustainability, even as states push back against such initiatives.