Texas Republicans Bucking ESG Turn Focus to Insurance Industry

Texas Republicans vowing to protect their home state oil and gas industry have expanded their fight against ESG policies from financial firms to insurance companies.

Legislative proposals advancing in the final weeks of the session would limit how the businesses use environmental, social, and governance factors that consider issues such as climate change in their operations. One measure would restrict ESG considerations when insurers set rates. Another would prevent Texas-based insurers from implementing shareholder proposals that limit work with fossil fuel companies or other industries for environmental, social, or political goals.

The focus on insurance follows the state’s 2021 law ...