House Judiciary report: Climate collusion is underway at major financial institutions

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Rep. Jim Jordan, chairman, House Judiciary Committee

The House Judiciary Committee released an interim report detailing evidence of a “climate cartel” consisting of leftwing activists and major financial institutions.

Climate Control: Exposing The Decarbonization Collusion in Environmental, Social, and Governance (ESG) Investing” tells the story of how collusion is taking place to impose radical environmental, social, and governance (ESG) goals on American companies.

The climate cartel colludes to decarbonize companies by leveraging negotiations with management, shareholder resolutions, and board of director votes, the report said. The cartel forces companies to disclose their carbon emissions, reduce their carbon emissions, and enforce their disclosure and reduction commitments by handcuffing and restricting company management. This “decarbonization” collusion causes reduced output and higher prices, including in the critical fossil fuel, aviation, and agriculture industries, posing a significant threat to the economy and to the well-being of American consumers, the summary of the report said.

“Through their commitments to groups such as Climate Action 100+, the members of the climate cartel expressly have agreed to decarbonize the American economy by forcing corporations to disclose their carbon emissions, to reduce their carbon emissions, and to enforce (and reinforce) their disclosure and reduction commitments by handcuffing company leadership and muzzling corporate free speech and petitioning. The climate cartel imposes these radical policies by weaponizing ever-escalating pressure tactics that start with negotiations with corporate management, continue to filing and ‘flagging’ stockholder proxy resolutions, and culminate with taking out the boards of directors at ‘recalcitrant companies,” the report said.

Members of the cartel include the Net Zero Asset Managers initiative, the Glasgow Financial Alliance for Net Zero and eight blue-state pension funds led by heavies such as the California Public Employees Retirement System (CalPERS), which is one of the founders of Climate Action 100+, along with Arjuna Capital.

“Based upon the evidence obtained by the Committee, the members of the climate cartel are colluding toward a common goal: the ‘decarbonization’ of American industry, which necessarily reduces output and increases prices for American consumers. Thus far, the investigation has revealed how the climate cartel has escalated its attacks on American companies and is forcing companies to slash output of products and services that are critical to Americans’ daily lives,” the report said.

Climate Action 100+ internal document shows plan for pressuring companies to comply with its agenda.

The committee’s investigation has succeeded in prompting several major asset managers to withdraw from Climate Action 100+.

One company the Climate Action 100+ group targeted was Exxon.

“In particular, CalPERS doggedly has pursued ExxonMobil, the United States’ largest oil and gas company. CalPERS has served as a lead investor for Climate Action 100+’s ExxonMobil engagement. As illustrated in the CalPERS ‘Case Study’ graphic below,
CalPERS escalated its engagement with ExxonMobil from filing shareholder proposals, to voting against ExxonMobil directors, to supporting Climate Action 100+’s efforts to replace the incumbent board with directors of the climate cartel’s choosing,” the report said on Page 15.

In 2021, Climate Action 100 member Arjuna filed a shareholder proposal to convert Chevron into a “public benefit corporation,” that would eschew profit and pursue the radical goals of the cartel.

Climate Action 100+ said in response that it is feeling misunderstood.

“Recent political discourse, including today’s U.S. House subcommittee hearing and a letter from 17 U.S. state attorney generals to US-based asset managers, has misunderstood and misrepresented elements of Climate Action 100+ – this includes the basics of what it is and its core activities,” the organization said. “Climate risk is a material financial risk. Institutional investors are well-served by acting on these risks and the resulting investment opportunities. If left unchecked, these risks threaten investors’ long-term ability to sustain value and generate ongoing returns for their beneficiaries.”

The committee said the investigation underscores the importance of enforcing longstanding antitrust law prohibiting anticompetitive collusion.

Read the full Judiciary report here.

31 COMMENTS

  1. The fact of Climate change is not the issue, it’s what has caused climate change, I say the cause is over population which has paralleled with warmer temperatures, evidence. Now how do we cure it?

    • The problem with this approach is that your supposition “… I say the cause is over population which has paralleled with warmer temperatures…” isn’t even a one time event. Given that other times of relative warmth since the end of the last ice age (Holocene, Roman and Medieval) had relatively minuscule human populations, populations demonstrably didn’t cause them. What else do you have? Cheers –

      • CC; Smaller families, especially 3rd world countries would work, mass sterilization.
        Too many relying on tax payers to raise family’s, if you don’t have the money, don’t have big families.
        Thats my example.

  2. I would challenge the climate group to give up fossil fuels if the future is so bad lead the way and quit getting rich from my tax dollars.

    • Already seen it Michael. And watched the hearing, and have the Judiciary report. Good support for HB173 (my bill) which will prevent exactly what the judiciary report discusses. Problem is you and others are so concerned about a hole in the ground that you have lost focus on the real problem identified by the House Judiciary Report.

  3. For 60 years the Left has been trying to find their unifying theme in which they could eventually control the world. Climate action is the tool in which they could brainwash the public, …..through the public schools, universities, and now the corporate world. It will be very hard to reverse because so many weak minds already have been thoroughly indoctrinated.

  4. News item: “New Delhi recorded its highest temperature ever measured on Wednesday — 126 degrees Fahrenheit, or 52.3 degrees Celsius — leaving residents of the Indian capital sweltering in a heat wave that has kept temperatures in several Indian states well above 110 degrees for weeks.”

    Well I guess you all are keeping comfortably cool up there in Alaska. But be careful – don’t look too far into the distance or you’ll risk seeing your coastal villages that are falling into the sea.

    • Was that an “adjusted” temperature? Or just temperatures measured on Wednesday? Don’t look too far in the distance or you’ll see Algore dead.

    • Whidbey, how did your 6- month treatment/rehab work out for you? Feeling better? Back on rails?

      • Thanks. I guess I was in a sort of forced exile courtesy of MRAK. Anyways, it’s good to be back. Now, where’s Jefferson??

        • Is this an admission you use several names, including one specifically to get around house rules?

    • Dog, there are villages already falling into the sea AND into Alaskan rivers, and it is not because of global warming.

  5. Didn’t need a House report to know that. It’s not like the bog corporations are hiding it.

  6. Any corporation is a “public benefit corporation” as long as it is subject to vigorous competition. From it’s inception, the lassaire-faire nature of the American economy provided its average citizens the highest standard of living in the history of the world. That fact is now being reversed by crony-capitalism, corporate monopolism, radical environmentalism, socialism, DEI, overgrowth of government, etc. Such trends have put the standard of living of the average American citizen into a state of decline.

  7. I think fifty foot tall ferns and giant lizards is a good look.
    We are animals, no? So everything we do down to the last patch of asphalt, down to the last politician trying to control the lives of others, is natural. Evolution, ryyyyeeeeet? A simple yano will do.

    • I read how we humans are, in fact, forcing evolutionary change in our own biology and our environments purposefully, so your argument is out there. It’s like crowd sourcing. We’re making rain. Yet to be determined is our efficacy in this, and whether we further harm our natural and spectacular natural home, or further trash it like we have another planet available when we can no longer breath on this, our rare living planet.

  8. Exxon’s own studies 30 years ago predicted negative climate impacts from burning fossil fuels. At some point we will run out of inexpensive carbon. Jim Jordan would be surprised if he understood there is a limited supply of fossil fuels

    • I’ve been told for a half century that we’d run out of fossil fuels in the next few decades. More than a few decades have passed and we still have fossil fuels and no end in sight (just ending production).

      • In fact, new discoveries here alone show ample oil for generations. If we can are allowed to get to it.

  9. I realize most liberals have the intellectual capacity of a dead ant, and even less awareness of anything not directly in front of them, but…

    I’ve been hearing this exact same drivel since the 80s. Exact same crap.
    Rising seas, hurricanes with 350+ winds, greenhouse effect, seas drying up (focus, liberals. It can’t do both at the same time), disappearing polar caps, global warming, all of it.

    And always, only 10 years to save the planet.

    Yet somehow it never happens.

    Way back in 1970 when the Earth Day farce was pushed on us, it was the imminent ice age. In 10 years if we didn’t…

    That was the only time the tactics changed. They decided global warming had a better mouthfeel to it.

    How do I know? Easy. Im old. I watched it all.

    It’s a con the gullible bought hook, line, and sinker. Its environment porn for stupid people.

  10. Love your comments Avenger. We were owners of a little mini farm in AZ over 40 years ago. We then subscribed to the Mother Earth News magazine. The scales fell from my eyes when they had a feature article about Dave Forman, who started Earth First. He was part of the group putting spikes in trees so loggers would get hurt. When he said human beings were a “scab on the earth”, I lost my naivete real fast.

  11. I read how we humans are, in fact, forcing evolutionary change in our own biology and our environments purposefully, so your argument is out there. It’s like crowd sourcing. We’re making rain. Yet to be determined is our efficacy in this, and whether we further harm our natural and spectacular natural home, or further trash it like we have another planet available when we can no longer breath on this, our rare living planet.

    • I read a book that says women like to be sexually dominated. This includes the use of force, violence, restraints, and otherwise being humiliated. In fact, it had two sequels and was the basis of three really bad movies.

      I read a book where you can bury your dead cat and it will come back from the dead.

      Best of all, I read a book by a failed presidential candidate who stated the stupidest things calling them “ inconvenient truths”. Funny thing, they were all wrong.

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