SB-13 penalizes businesses for choosing not to support fossil fuel

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Dear Friends,

It’s a BIG day for ASBC, and we have some important breaking news to share with you!

Today, the American Sustainable Business Council (ASBC) ([link removed]) sued Texas on behalf of members, including Etho Capital ([link removed]) and Sphere ([link removed]) , for violating the free speech and association rights protected under the First and Fourteenth Amendments of the United States Constitution through the implementation of SB-13—a law that penalizes investors that choose not to make risky investments in fossil fuel companies and businesses that choose to pursue practices and products that are fossil-fuel reliant.
SEE THE PRESS RELEASE ([link removed])

SB-13 prohibits state investments and contracts with companies that advocate for reductions in reliance on fossil fuels. The lawsuit filed in the Western District of Texas’ Austin Division argues that SB-13 discriminates against companies that use environmental, social, and governance (“ESG”) metrics in their investing and business practices. The law harms businesses that use ESG metrics and everyday Texans, and it also substantially harms financial Texas taxpayers, workers, business owners, and pensioners.

With the negative impacts of climate change rapidly unfolding before our eyes and businesses and consumers more concerned for the welfare of the people and planet than ever before, this anti-business law (SB-13) prohibiting state investments and contracts with companies that advocate for reductions in reliance on fossil fuels must be challenged.

Businesses need the freedom to operate responsibly. Without options, businesses are vulnerable to challenges that are preventable through responsible operations. The freedom to decide how you view challenges and how you want to operate responsibly is inseparably linked to a company's financial pursuits –– Responsible businesses and investors seeking to choose wisely how and what they invest in is not an impediment to financial success; rather, it is integral to long-term viability.

View the Complaint ([link removed]) | See the Press Release ([link removed]) | Read the latest Coverage:
1. Bloomberg, Texas officials sued over anti-ESG law targeting Wall Street ([link removed]) .
2. PoliticoPRO, Group sues to block Texas anti-ESG law ([link removed]) .
3. The Dallas Morning News, Business group sues to strike Texas’ anti-ESG investment ban ([link removed]) .

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