House Judiciary Committee Seeks Information from ESG-Aligned Firms in Antitrust Investigation

US Capitol

As part of an investigation into possible collusion with climate activists, the House Judiciary Committee has sent letters to 60 U.S.-based asset management companies asking them for information about activities related to their membership with the Glasgow Financial Alliance for Net Zero and Net Zero Asset Managers.

Environmental, social and governance (ESG) policies have taken a beating this year, and with the incoming Trump administration expected to create an unfriendly atmosphere for ESG, next year will likely not go any better for “woke capitalism,” as the movement is sometimes called. 

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Major American Financial Institutions Withdraw from Global Climate Investment Organization in Blow to Green Agenda

Several of the largest asset managers in the U.S. are withdrawing from a major coalition of companies focused on advancing green investment strategies and climate-sensitive corporate management.

JPMorgan Asset Management (JMAM) and State Street Global Advisors will not be renewing membership in Climate Action 100+, a coalition of investors and asset managers with a combined $68 trillion under management that pushes corporations to reduce emissions and adopt climate risk disclosure practices, according to Financial Times. Climate Action 100+ and Ceres — a green shareholder activist group that co-founded the coalition — are currently under investigation by the House Judiciary Committee, which is alleging that the coalition’s advancement of progressive Environmental, Social and Corporate Governance (ESG) policies may constitute non-competitive activity in violation of U.S. antitrust law.

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