Dozens of US states have either proposed or passed laws that force state pension funds to divest from financial institutions deemed to be boycotting fossil fuels or that forbid pension and investment funds and other state agencies from entering into contracts with them.
Four states so far have published a formal list of targeted financial institutions, including entities from both the US and Europe.
Definitions vary across states, with BlackRock the only firm to appear on all four lists. JPMorgan takes second place, appearing on every list but that of Texas. Several other institutions have been blacklisted by multiple states.
While some smaller firms found themselves on blacklists for simply not responding to requests for information, the larger banks and asset managers have invariably denied that they boycott fossil fuel companies, citing impressive sums invested in the oil and gas industry, both globally and on a state level.
The Texas Comptroller has provided the most detailed reasoning behind the construction of his list, but there is little consistency across states both in terms of information requested and the eventual list of alleged boycotters.
This list does not include the ad hoc ending of business relationships, such as a state treasurer pulling funds from a single asset manager.