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House Committee Says It Finds Evidence of ‘Climate Cartel’

By Tim Quinson | December 16, 2024
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The House Judiciary Committee said it’s found “substantial evidence of collusion and anticompetitive behavior” by the financial industry to “impose radical ESG-goals” on US companies.

An interim report published by the Republican-led committee said “a cartel” of financial firms and climate activists sought to replace Exxon Mobil Corp. 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.”

Far from igniting strategic turmoil, the actions against Exxon led by a firm called Engine No. 1 coincided with a massive upturn in the company’s fortunes. The oil giant made record profits in 2022 and its stock outperformed rivals as crude prices bounced back from the pandemic. Exxon now has plans to produce more oil and gas by 2030 than at any time since the 1970s, and also spend $30 billion on low-carbon ventures like carbon capture, hydrogen and lithium.

The judiciary committee, chaired by Ohio Republican Jim Jordan, singled out groups including Climate Action 100+ and the Glasgow Financial Alliance for Net Zero for leading what they described as a climate crusade. The committee said its investigation is ongoing.

The claims by the House Judiciary Committee are “completely false,” said a spokesperson for CA100+, adding that the group “doesn’t control how shareholders vote, nor has it ever done so.”

Last month, BlackRock Inc., Vanguard Group Inc. and State Street Corp. were sued by a group of states led by Texas for allegedly breaking antitrust laws by boosting electricity prices through their investments.

BlackRock and State Street both pushed back against the allegations. State Street, for example, said the suit is “baseless and we look forward to presenting the facts through the legal process.” Vanguard declined to comment when contacted after the suit was filed on Nov. 27.

The committee’s report is the latest salvo against environmental, social and governance investing. And the expectation is that President-elect Donald Trump will add his support to the GOP’s attacks against ESG.

Copyright 2025 Bloomberg.

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  • Categories: National NewsTopics: environmental social and governance (ESG), Exxon Mobil
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Featured Comment

  • December 16, 2024 at 1:15 pm
    Caldude says:
    Hot debate. What do you think?
    Thumb up 15
    Thumb down 6

    Once Jim Jordan appears in front of congress to testify on his knowledge and role in the Jan 6 insurrection (NOTE: He remains in contempt of congress) AND sexual abuse of his wrestlers, then maybe someone should take him seriously.

Latest Comments

  • December 17, 2024 at 12:48 pm
    fred says:
    "Their other tactic is to try to discredit their opponent through personal attacks to reduce their credibility." This you?
  • December 17, 2024 at 11:26 am
    PolarBeaRepeal says:
    Maybe, maybe. Babbling of a baby.
  • December 17, 2024 at 9:43 am
    John Dough says:
    Maybe Jordan is relying on intel from Alexander Smirnov. You know, the guy at the foundation of their Ukraine/BiDen cRiMe fAmiLy case who is now under arrest for lying to the ... read more

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