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House committee says it has proof of 'climate cartel'

The House Judiciary Committee alleges a financial industry "cartel" colluded with climate activists to push radical ESG goals onto American companies. Their report cites a 2021 campaign to replace Exxon Mobil board members after the company refused climate pledges, claiming this is part of a broader effort to impose a climate agenda and undermine affordable energy.

The House Judiciary Committee said it's found "substantial evidence of collusion and anticompetitive behaviour" by the financial industry to "impose radical ESG-goals" on US firms. An interim report published by the Republican-led committee said "a cartel" of financial firms and climate activists sought to replace Exxon Mobil board members in 2021 after the company declined to make a series of climate pledges. "Unfortunately, the pressure campaign against Exxon Mobil isn't an isolated incident," the committee wrote.

"Through coordinated shareholder pressure campaigns at US companies, the climate cartel seeks to use the trillions of dollars it manages to impose its agenda on the US economy and drain it of affordable energy." The committee, chaired by Ohio Republican Jim Jordan, singled out groups including Climate Action 100+ and the Glasgow Financial Alliance for Net Zero for leading "a climate crusade". CA100+ rejected the claims.

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