From Investing.: 2024-06-11 09:55:54

A U.S. congressional committee will accuse major Wall Street firms of colluding with advocacy groups to reduce greenhouse gas emissions, violating antitrust laws. Despite the Paris Agreement goals, the report criticizes President Biden’s administration for not investigating climate collusion adequately. The report targets Earth-focused investor initiatives like Climate Action 100+, urging companies to curb emissions.

The report singles out some key players in the climate efforts, including California Public Employees Retirement System and investor group Ceres. It also mentions activist investor Arjuna Capital’s intentions to dismantle fossil fuel companies. The report obtained internal documents showing strategies to pressure companies like Exxon Mobil, and criticizes major asset managers like BlackRock, Vanguard, and State Street for their involvement in the “climate cartel.”

The committee has called for public hearings, with witnesses like Ceres president Mindy Lubber, to further investigate the accusations of collusion between Wall Street firms and Earth-focused investor initiatives.

Read more at Investing.: Exclusive-US House committee report finds Wall Street ‘colluded’ to curb emissions By Reuters