Politics

Legislators passed Senate Bill 13 as a way of discouraging divestment from oil and gas companies, as financial figureheads at the time had signaled they intended to make climate change initiatives a larger factor in their investment considerations. The law requires the comptroller’s office to maintain a list of financial firms that refuse, terminate or penalize business with a fossil fuel company “without ordinary business purpose.” SB 13 is commonly referred to as an “anti-ESG” law, which stands for “environmental, social and governance.”

U.S. District Judge Alan Albright delivered the summary judgment, and affirmed in the 12-page order that the way SB 13 determined what constituted boycotting a company was too broad and undermined free speech protections of firms affected.

“SB 13’s ‘boycotting’ definition is comprised of three clauses, all of which are undefined and not susceptible to objective measurement or determination,” Albright wrote in the ruling.