Texas authorities have added NatWest Group to a growing list of financial firms allegedly participating in a “boycott” of energy companies, a move that could limit the British bank’s dealings with the oil-rich U.S. state.

The branch banking group is the latest company to be targeted by Texas Comptroller Glenn Hegar, who keeps track of the names of companies that limit their business relationships with climate-damaging fossil fuel companies.

NatWest has stated that until 2026 the company will not “renew, refinance or extend existing reserve-based borrowings specifically used to finance oil and gas exploration, extraction and production”.

The lender’s website said the sustainability policy was part of its efforts to end “the most harmful activities” that are exacerbating the climate crisis.

With this stance, NatWest joins a long list of financial services companies on the divestment list imposed by the Texas Auditor General, including BlackRock, HSBC, UBS and Société Générale.

The list, titled “Financial Firms Boycotting Energy Companies,” is the result of a 2021 law designed to protect the state’s oil and gas sector. The law states that Texas authorities must either stop doing business with companies that pull out of the oil and gas industry or explain why they continue to do business with those companies.

NatWest appears to have only limited exposure to Texas. The banking group, formerly known as the Royal Bank of Scotland, declined to comment.

Hegar’s decision is part of a broader crackdown by the oil-friendly state on corporate environmental, social and governance (ESG) policies, while also pressuring financial firms to withdraw from international initiatives that urge signatories to reduce their greenhouse gas emissions.

In February, Hegar welcomed the news that JP Morgan and State Street Global Advisors had withdrawn from Climate Action 100+ and criticized the ESG movement for creating an “environment that puts politics ahead of profits and leads many financial firms to disregard their fiduciary duty to their customers.”

The Texas policy is at odds with the shift underway in European countries and the UK, which are increasingly pushing for more climate-friendly policies from financial institutions as their governments race to limit global warming to two degrees above pre-industrial levels.