The House Judiciary Committee released a report Friday that it says provides evidence of what it calls a “climate cartel” of money managers who used coercion and pressure tactics to force energy companies to do their bidding on climate change. Report claims to show evidence that some of the world's largest financial institutions colluded with climate change activist groups to replace ExxonMobil's board of directors who refused to commit to reducing fossil fuel production I am doing it.
report
The report, “Sustainability Shakedown: How a climate cartel of money managers colluded to take over the board of directors of America's largest energy company,'' found that the financial industry was trying to “impose radical ESG goals.'' It reportedly found “substantial evidence of collusion and anti-competitive conduct.” US oil company.
The so-called big three asset managers, BlackRock, Vanguard Group and State Street Global Advisors, along with the state pension managers in blue, are also supporting the Glasgow Financial Alliance for Net Zero (GFANZ), the Net Zero Asset Manager Initiative (NZAM), I colluded with Ceres. , and Climate Action 100+, among others, are forcing energy companies, especially ExxonMobil, to remove intransigent board members and replace them with puppets bent on a “net zero” climate. Strengthen our commitments and scale back the fossil fuel sector.
ExxonMobil was clearly the cartel's most prominent target.
“The climate cartel has invested in branding ExxonMobil as a “priority company'' on the climate change blacklist, rating it against “net zero'' benchmarks, and organizing the most intensive shareholder pressure campaign of any company in the world. I suggested it to the house.” stated in the report.
The Commission found that the cartel used nefarious tactics to force ExxonMobil into unnecessary and sometimes spurious disclosures.
“Through its ‘honor and shame’ engagement, the climate cartel has forced ExxonMobil to make non-material climate disclosures that ‘obscure important information’ by ‘distorting markets’ with speculative climate-related speculation. I asked him to do it.”
The “cartel” tried to impose unrealistic climate change goals on ExxonMobil through unreasonable and potentially disastrous emissions reduction targets.
“The climate cartel launched a 'Trojan Horse' campaign, calling for emissions reduction 'goals' that would require ExxonMobil to significantly reduce its production and use of affordable carbon-based energy.”
disappeared
When these measures failed to fully bring ExxonMobil's board to its knees on the issue of climate change, the “cartel” decided that these obstinate board members needed to disappear.
“When ExxonMobil did not yield to its ‘net-zero’ demands, the climate change cartel conspired to ‘vote no’ to the board, reminding the board that ‘commitment could have teeth and The aim was to demonstrate that the House is prepared to increase pressure on companies that refuse to take action.'' ”
In the words of climate fanatic Anne Simpson of Climate Action 100+, “Exxon's board…
Members must pay a hellish price. ”
The Biden administration contributed to the alleged “climate cartel” program, particularly climate change “czar” John Kerry.
“The Biden-Harris administration has emboldened the climate cartel to call on investors. In early 2021, the climate cartel is looking to capitalize on the momentum created by the[Biden-Harris administration's]climate policies,” the report said. The book says: “In particular, John Kerry, the special presidential envoy for climate change in the Biden-Harris administration, 'helped' recruit investors for Ceres, an activist nonprofit and key member of the climate cartel.”
example
The cartel reportedly used what happened at ExxonMobil as an example to other companies seeking to undermine climate action.
The climate cartel “continues to exploit what is called the 'Exxon effect,' or the idea that 'this could happen to me,' to pressure other U.S. companies to capitulate to 'net-zero' climate change plans.” There is.”
“Unfortunately, the pressure campaign against ExxonMobil is not an isolated incident,” a Judiciary Committee press release states. “The climate cartel remains determined to continue its climate movement, pressuring U.S. companies to stop producing the affordable energy Americans need. Through shareholder pressure campaigns, the climate cartel is using the trillions of dollars it controls to impose its policies on the U.S. economy and starve us of affordable energy.”
If what the House Judiciary Committee report says is true, the climate fanatics mentioned in the report did not just act against investor interests and antitrust laws. Rather, they acted like members of the mafia, blackmailing American companies into giving in to their frenzied demands for climate change or paying the consequences.
ESG failure
At present, efforts to popularize ESG investment seem to be failing. Goldman Sachs recently announced its withdrawal from the United Nations-backed Net Zero Asset Managers Initiative (NZAM), becoming the latest high-profile financial company to leave the climate-focused group.
A spokesperson for climate change group Climate Action 100+ called the report's accusations “completely false” and said the organization “does not, and has never, controlled how shareholders vote.” added.
However, as the House Judiciary investigation and national backlash have shown, many people strongly oppose ESG as an investment scheme. The climate movement's attempts to achieve strong climate action at the financial level appear to be failing.
