US House Report: 'Climate Cartel' Pressures Companies to Reduce Emissions

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Jun 12, 2024

Image copyright: Andrew Burton/Staff/Getty Images News via Getty Imagesstory last updated Jun 13

The Facts

The Republican-majority House Judiciary Committee issued an interim report on Tuesday claiming that financial firms and advocacy groups colluded to pressure US companies to reduce their greenhouse gas emissions, in an alleged breach of antitrust law.
Those singled out include the "Big Three" asset managers — Blackrock, Vanguard, and Street State — and climate groups such as Climate Action 100+, Net Zero Asset Managers, and Glasgow Financial Alliance for Net Zero.

The Spin

Right narrative

The Democrats have allied with Wall Street against Main Street as they defend politically motivated financial bullying. ESG investing has a dismal track record with returns, with many companies pulling their money from these endeavors. If this is indeed the case, why are nongovernmental organizations and asset managers so adamant about pushing it and harming livelihoods in fossil fuel industries? There is a hidden agenda at play that must be exposed.

Wall Street Journal

Left narrative

The dollars-and-cents world of finance has no room for political idealism. ESG investing has had little impact on the bottom line of companies or on the climate, as it amounts to little more than greenwashing. ESG criteria also include organizational factors that will have an impact on how profitable or sustainable a business is, with the GOP's attempts to ban it being foolish and misguided. The ESG bogeyman simply does not exist.