The Republican-led House Judiciary Committee has targeted a group of U.S. asset managers over their involvement in the “woke ESG cartel,” ramping up pressure on environmental initiatives by big investors.
The committee, chaired by Ohio Congressman Jim Jordan, joins BlackRock, State Street, and JP Morgan, which are members of a group of international investors that have signed on to the Net Zero Asset Managers Initiative (NZAM). – Letters were sent to 60 companies, including Asset Management. A commitment to achieve net-zero emissions by 2050.
The letter sent Friday makes allegations in line with a committee report released Dec. 13 that Republicans say implicated fund companies. colluded to reduce emissions.
The report says top U.S. asset managers are concerned that joining an industry climate change initiative could make them appear too closely aligned and open them to regulatory scrutiny. It turned out that there was.
Democrats on the committee have rejected such claims, and major fund companies have denied similar charges.
In his letter, Mr Jordan cited an earlier report stating that the company's work with NZAM and its Glasgow Financial Alliance for Net Zero “may violate US antitrust laws. ' he claimed.
We are seeking information on how stewardship strategies have changed as a result of companies' participation in NZAM.
Republican Judiciary Committee members say investors' preoccupation with environmental, social, and governance (ESG) strategies has taken focus away from delivering returns for shareholders and placed unnecessary restrictions on businesses. claims.
Republicans previously took credit for urging three fund managers, BlackRock, State Street and JPMorgan Asset Management, to withdraw from another investor group, Climate Action 100+.
Mindy Lover, NZAM's organizational partner and CEO of Boston-based environmental advocacy group Ceres, said in an interview that the letter “requires investors to be aware of climate risks, even though they should be aware of them. “This is consistent with other efforts that suggest it should not be considered.” Addressing climate risks as part of our fiduciary duties. ”
NZAM says its initiative has around 325 signatories and manages $57.5 trillion globally, according to its website.
with post wire
