Skip to content
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
Insurance Journal - Property Casualty Industry News

Featured Stories

  • Farmers Data Breach Could Impact 1M+ Customers
  • ‘Big Four’ Reinsurers Maintain Property-Cat Appetite
  • Articles
  • Jobs
  • Markets

Current Magazine

current magazine
  • Read Online
  • Subscribe
  • Login
  • Front Page
    • National
    • International
    • Most Popular
    • Magazine
    • Forums
    • Blogs
    • Videos/Podcasts
    • Newsletters
  • News
    • Most Popular
    • National
    • International
    • East
    • Midwest
    • South Central
    • Southeast
    • West
  • Magazines
  • Research
  • Directories
  • Jobs
  • Features
    • Events
    • Forums
    • Market Directories
    • Quotes
    • Polls
    • Rankings & Awards
    • Insurance Giving Back
  • Subscribe

House Committee Says It Finds Evidence of ‘Climate Cartel’

By Tim Quinson | December 16, 2024
Email This Subscribe to Newsletter
  • Article
  • 7 Comments

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.

Was this article valuable?

Thank you! Please tell us what we can do to improve this article.

Thank you! % of people found this article valuable. Please tell us what you liked about it.

Here are more articles you may enjoy.

Containment Increases on California Wine Country Wildfire
Litigation Funder’s Plan to Invest in Law Firms Called ‘Bad Policy,’ With Big Impacts
Another HO Insurer, Viceroy, Approved for Florida Market, Regulators Say
‘What About Legacy Admissions?’ Critics Ask as Trump Presses Colleges for Merit

Written By Tim Quinson

More From Author

The most important insurance news,
in your inbox every business day.

Get the insurance industry's trusted newsletter

Email This Subscribe to Newsletter
  • Categories: National NewsTopics: environmental social and governance (ESG), Exxon Mobil
  • Have a hot lead? Email us at newsdesk@insurancejournal.com

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

Add a CommentSee All Comments (7)Add a Comment Cancel reply

Your email address will not be published. Required fields are marked *

*

*

More News
Hurricane Remnants Threaten Swiss Alps With Floods, Landslides
South Korea Agency Fines SK Telecom $97 Million Over Major Data Leak
Anthropic Thwarts Hacker Attempts to Misuse Claude AI for Cybercrime
Viewpoint: Why Reinsurance Industry Often Struggles to Manage Market Cycles
More News Features

Read This Next

  • House Committee Says It Finds Evidence of 'Climate Cartel'
  • When Luck Runs Out: Where $100B Hurricanes Might Happen
  • Most Losses in Destructive Eaton Fire Tied to Conflagration Hazard, Report Shows
  • Farmers Insurance Data Breach Could Impact More Than a Million Customers
  • 2 Dead, 10 Injured After US Steel Plant Explosion Near Pittsburgh

Insurance Jobs

  • Insurance Account Executive/Manager Wanted Flexible Hours, Potential Equity - Dix Hills/Deer Park, NY
  • Sales Agent - Encino, California
  • Commercial Lines Underwriting Assistant – REMOTE - Remote
  • Employee Benefits Insurance Sales Exec Sr. - Detroit, MI
  • Actuary or Associate Actuary – Commercial and/or Personal Lines – REMOTE - Remote
MyNewMarkets
  • When Insurance Isn't the Optimal Risk Management Approach
  • Reputation Risk Can Overshadow Ransom in Cyberattacks, Aon Says
  • Tackling Cyber Risks: The Vital Role of Brokers in Third-Party Data Protection
  • DIY Home Inspections Are Taking Over, Firms Say
  • Six Things to Know About Umbrella Insurance
Claims Journal
  • FTC Sues LA Fitness for Making it Exceedingly Hard to Cancel Gym Memberships
  • EU Carmakers Warn Combustion Engine Ban Is No Longer Feasible
  • Peloton Must Face Shareholder Lawsuit Over Post-Pandemic Outlook
  • Most Losses in Destructive Eaton Fire Tied to Conflagration Hazard, Report Shows
  • 20 Years Later, Hurricane Katrina's Impact Echoes in Models, Mitigation and Reforms
Academy of Insurance education
  • August 7 EPLI Basics
  • August 14 Managing and Insuring Reputational Risk
  • August 19 How To Write: Flood
  • August 21 Workers' Comp Crash Course

Insurance News

  • News by Region
  • News by Topic
  • Yesterday

Site Search

Features

  • Insurance Markets Directory
  • Forums
  • A.M. Best Company Ratings
  • Industry Events
  • Agencies For Sale
  • Newswire
  • Insurance Jobs
  • Rankings & Awards

Connect with us

  • Email Newsletters
  • Magazine Subscriptions
  • For Your Website
  • RSS Feeds
  • Twitter
  • Facebook
  • LinkedIn
  • Do Not Sell My Info

Insurance Journal

  • Submit News
  • Advertise
  • Subscribe
  • Reprints
  • Link to Us
  • Contact Us

Wells Media Group Network

  • Insurance Journal
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
© 2025 by Wells Media Group, Inc. Privacy Policy | Terms & Conditions | Site Map