US House Judiciary demands data from CA100+ members

August 9th, 2024

The Republican heads of the US Judiciary Committee have written to over 130 companies demanding information on their Climate Action 100+ (CA100+) membership.

The letters, which described the CA100+ as a “woke ESG cartel”, alleged that involvement in the group could potentially violate US antitrust laws.

They were sent to numerous CA100+ members, including the California State Teachers' Retirement System, Goldman Sachs Asset Management and Franklin Templeton Investments.

The letters request information from the members outlining what actions they plan to take to engage with the companies in their portfolios to reduce their greenhouse gas emissions.

They also call on the members to preserve documents relating to CA100+, alleging that the organisation has engaged in collusive activity.

It forms part of the committee’s investigation into whether existing laws are sufficient to deter anticompetitive collusion to promote ESG-related goals in the investment industry.

The letters were sent by the chairman of the House Judiciary Committee Jim Jordan and the chairman of the subcommittee on administrative state, regulatory reform, and antitrust Thomas Massie.

They also noted that, since the committee began its investigation into CA100+, several major firms including JP Morgan Asset Management, State Street Global Advisors and PIMCO have decided to withdraw from the organisation and BlackRock transferred its participation to BlackRock International.

CA100+ is the world’s largest voluntary, investor-led initiative working to hold large corporate greenhouse gas emitters to account over their transition plans and urge them to mitigate the impacts they have on the planet.

In October, a report from CA100+ found just 7% of Australian focus companies were setting adequate short-term targets to kick start the transition and meet net zero targets.

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