Attorneys general claim financial services and climate activists are collaborating to promote ESG.
EXCLUSIVE: State Attorneys General Accuse Financial Service Providers of Manipulating Markets for Climate Agenda
A group of 22 state attorneys general has sent a letter to the Net Zero Financial Service Providers Alliance, accusing them of manipulating markets to serve their “activist climate agenda.” The letter, obtained exclusively by the Washington Examiner, warns the financial institutions that they may be in violation of state and federal consumer protection laws.
Violation of Antitrust and Consumer Protection Laws
Tennessee Attorney General Jonathan Skrmetti, who is leading the group, stated, “If financial service providers are colluding to limit consumer choices and manipulate market outcomes in support of international climate activists, that could violate our antitrust and consumer protection laws. Decisions about energy policy should be made by our elected representatives, not by transnational corporate alliances.”
The Goal of the Net Zero Financial Service Providers Alliance
The Net Zero Financial Service Providers Alliance is part of the United Nations-backed Glasgow Financial Alliance for Net Zero, which aims to ”decarbonize” the global economy. Their primary goal is to accelerate the transition towards global net zero greenhouse gas emissions and help deliver the goals of the Paris Agreement.
Potential Violation of Federal Antitrust Laws
The letter highlights that all four largest accounting firms, which hold about 75% of the market share in the industry, are members and founders of the NZFSPA. This may be a violation of federal antitrust laws that broadly prohibit business competitors from engaging in concerted action in restraint of trade or commerce.
Industrywide Standards and Collusion
The attorneys general argue that the commitment to industrywide standards, such as achieving net zero greenhouse gas emissions and coordinating market pressure, is evidence of antitrust collusion. They warn that this coordination could lead to a widespread boycott of critical industries like gas, coal, and oil.
Request for Detailed Accounts and Investigation
The attorneys general are requesting detailed accounts of communications among members, actions taken to meet their commitment, and attempts to pressure other companies to join. They hope that this letter will prompt members of the alliance to realize the potential liabilities of their behavior and cooperate with the investigation.
Impact on Insurance Companies and Public
In May, a similar letter sent to insurance companies resulted in at least seven companies leaving the Net-Zero Insurance Alliance. The attorneys general emphasize that financial service providers should not be part of the NZFSPA and should stop conspiring against the public.
States represented on the letter include Alabama, Alaska, Arkansas, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Montana, Missouri, Nebraska, New Hampshire, Ohio, Oklahoma, South Carolina, Tennessee, Utah, Virginia, West Virginia, and Wyoming.
The NZFSPA did not respond to a request for comment from the Washington Examiner.
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