The Climate Cartel Unveiled

The Climate Cartel Unveiled

Freedom Financial News | Posted June 26, 2024

Climate Cartel or Corporate Coercion? House Report Unveils Alleged Collusion to Curb Emissions

  • Accusations of Collusion: The House Judiciary Committee’s report accuses Wall Street firms and advocacy groups of forming a “climate cartel” to pressure companies into reducing emissions.
  • Political and Economic Implications: The report criticizes the Biden administration’s lack of action and highlights the potential impact on jobs in the fossil fuel industry.
  • Ongoing Investigation: The committee continues its investigation with subpoenas and public hearings, aiming to uncover more about the alleged collusion.

A bombshell dropped. The House Judiciary Committee claims Wall Street firms and advocacy groups have formed a “climate cartel.” Their mission? Force American companies to cut carbon emissions. This isn’t just another environmental effort. It’s a potential antitrust violation, and it raises serious questions.

Unveiling the Climate Cartel

The committee’s interim report is a first. Launched in late 2022, the investigation alleges a coalition of business groups and advocacy organizations has been stifling corporate free speech and binding company leadership. Among the accused are Climate Action 100+, the Net Zero Asset Managers initiative, and the Glasgow Financial Alliance for Net Zero. Financial giants like Vanguard, BlackRock, and State Street are also named. These groups, the report says, use intense pressure tactics to push their green agenda.

“This report exposes a coordinated effort to manipulate corporate behavior under the guise of climate activism,” stated a spokesperson for Judiciary Committee chair Jim Jordan.


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Wall Street Under Fire

Several Republican-controlled states are already on the offensive. They’ve targeted Wall Street firms for joining climate coalitions and pushing ESG-focused investment products. These states argue that such initiatives threaten jobs in the fossil fuel industry and overstep the firms’ authority.

The Judiciary Committee’s report also blasts the Biden administration. It criticizes the lack of investigation into the alleged collusion. Furthermore, it highlights that major financial institutions like BlackRock, State Street, and JPMorgan Asset Management pulled $14 trillion in assets from Climate Action 100+ earlier this year. This move, the report suggests, is a direct result of the committee’s pressure.

“The goal of any investigation is to inform legislative reforms,” the spokesperson added, hinting at future legislative actions if Republicans regain power.

Scrutiny and Defense

Climate Action 100+ isn’t taking this lying down. A spokesperson defended their mission, saying, “Our aims to undertake investor stewardship on climate change are misunderstood in the political discourse. Any scrutiny must be fair, accurate, and based on facts.”

The report dives deeper. It reveals internal emails about plans to replace board members at Exxon Mobil. This shows just how far these groups are willing to go.

No antitrust lawsuits have been filed yet. But the investigation is ongoing. The Judiciary Committee has subpoenaed documents and interviewed former regulators. Public hearings are on the horizon, with testimonies from key figures like Ceres president Mindy Lubber.

“This hearing is part of a larger political campaign from opponents of climate action,” stated Ceres.


Freedom Financial News Team