Monday, August 4, 2025

Texas Adds HSBC to Energy Sanctions List

British multinational bank HSBC (LON: HSBA) has been added to Texas’ energy sanctions list, Comptroller Glenn Hegar announced on Monday. 

“HSBC’s new energy policy is a prime example of a broader movement in the financial sector to push a social agenda and prioritize political goals over the economic health of their clients,” Hegar said. HSBC announced last year that it would stop financing oil and gas ventures.

Texas governmental entities are prohibited from entering into a contract worth more than $100,000 with a company included in the sanctions list. HSBC joins BlackRock Inc (NYSE: BLK), and other major European banks such as BNP Paribas (EPA: BNP), Credit Suisse (SWX: CSGN), and UBS (SWX: UBSG) in Texas’ list of sanctioned financial companies. 

RELATED: HSBC Buys Silicon Valley Bank’s UK Arm for £1

To be removed from the list, a company should “change its practices so that it does not refuse to deal with, terminate business activities with, or otherwise take actions intended to penalize, inflict economic harm on, or limit commercial relations with energy companies because they are energy companies,” according to the Comptroller’s office.

The move comes as Republican-led US states have raised concerns over the environmental, social, and governance policies (ESG) trend, claiming that companies are prioritizing ESG investing over their obligations to their shareholders. 

In December, Florida’s Chief Financial Officer Jimmy Patronis announced that the state was pulling about US$2 billion in investments from asset management company BlackRock Inc due to its strengthening Environment, Social, and Governance (ESG) standards.


Information for this briefing was found via Reuters, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

San Dimas: First Majestic Silver’s Sleeper Asset

New Gold Q2 Earnings: Record Free Cash Flow

STLLR Gold: The Tower Gold PEA

Recommended

Tsunami Warnings Spread As Largest Quake Since 2011 Hits Russia

Northern Superior Intersects 1.75 g/t Gold Over 65.0 Metres At Philibert

Related News

Woke Vs. Wall Street: Biden’s First Veto Lands On ESG Investments Of Retirement Plans

President Joe Biden issued his first veto of his presidency on Monday, signaling a shift...

Tuesday, March 21, 2023, 12:18:00 PM

Houston ISD Superintendent Under Scrutiny for Allegedly Funneling Money To Schools He Started

A local education advocacy group and Harris County Commissioner Rodney Ellis are calling for an...

Saturday, May 18, 2024, 07:23:00 AM

Texas Takes Wall Street Titans To Court Over Alleged Coal Cartel

Texas Attorney General Ken Paxton has initiated a federal antitrust lawsuit against major asset management...

Thursday, November 28, 2024, 10:32:19 AM

HSBC Agrees to Pay $75 Million Fine Related to Deceptive Trading Practices and Record-Keeping Failures

Several of HSBC’s units agreed to settle charges brought by the Commodity Futures Trading Commission...

Friday, May 12, 2023, 01:23:59 PM

Greenwashing 101: How Saudi Aramco Tapped into Sustainable Funds Via An ESG Investment Loophole

The big-bad oil giant, Saudi Aramco, seems to have found an unlikely way to collect...

Wednesday, July 12, 2023, 06:20:00 AM