States that boycott financial firms over eco-friendly investing practices — a trend pioneered in Texas that has piqued the interest of other red states — can expect to pay a steep price for doing so, according to a new analysis.
Were Louisiana to take a page from Texas' playbook and pass legislation boycotting firms that"boycott" the oil and gas industry, for example, taxpayers would be looking at an additional $51 to $131 million in interest payments as a result of reduced competition, the study found. In West Virginia, such a boycott would cost the state an extra $9 million to $29 million. And in Florida, it would add up to $361 million to the taxpayers' tab, according to the analysis.
A 2022 study from economists with the University of Pennsylvania and the Federal Reserve System found that Texas cities incurred an additional $300 million to $500 million in interest on $31.8 billion in bonds issued during the first eight months after the law took effect. The issue is likely to be revisited in Texas, too, during this year's regular legislative session, which began this month. Several Republican legislators have filed measures that would put further restrictions on financial firms that do business in Texas, while state Rep. Jon Rosenthal, a Democrat who represents a northwest Harris County district, has filed legislation to repeal the 2021 legislation.
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