Have you heard of the CLIMATE CARTEL? The House Judiciary Committee published a shocking interim report this month that exposes this “cabal of financial institutions.”
Here are the key takeaways:
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Here are the key takeaways:
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According to the report, the climate cartel has a singular agenda: to pressure U.S. companies to decarbonize to reach net zero.
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Its members include the Big 3 asset managers (BlackRock, State Street, Vanguard); blue-state public pensions, including CalPERS and NYCERS; proxy advisors; and others.
They coordinate through climate coalitions such as the Glasgow Financial Alliance for Net Zero and Climate Action 100+.
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They coordinate through climate coalitions such as the Glasgow Financial Alliance for Net Zero and Climate Action 100+.
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The cartel’s main target is the energy sector. Within this industry, over the past decade, the cartel unleashed its biggest pressure campaign against America’s largest oil and gas company: ExxonMobil.
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The climate cartel deployed a 3-step strategy against the energy company, which tried to defend itself.
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1) Pressuring ExxonMobil to disclose climate factors, including emissions:
In 2017, climate cartel members filed a shareholder resolution to make ExxonMobil publish a report on its business viability under a net-zero scenario.
ExxonMobil countered that such a speculative report would only confuse the investors.
However, the cartel forced the company to comply by securing a majority vote.
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In 2017, climate cartel members filed a shareholder resolution to make ExxonMobil publish a report on its business viability under a net-zero scenario.
ExxonMobil countered that such a speculative report would only confuse the investors.
However, the cartel forced the company to comply by securing a majority vote.
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2) Pressuring ExxonMobil for GHG emission reduction targets:
In 2018, the climate cartel pushed ExxonMobil to adopt Scope1-3 GHG emission reduction targets through a shareholder resolution.
ExxonMobil challenged the move; and in 2019, the SEC sided with the company, allowing it to exclude the resolution from its annual shareholder meeting.
This was a major setback for the climate cartel. But it didn’t give up.
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In 2018, the climate cartel pushed ExxonMobil to adopt Scope1-3 GHG emission reduction targets through a shareholder resolution.
ExxonMobil challenged the move; and in 2019, the SEC sided with the company, allowing it to exclude the resolution from its annual shareholder meeting.
This was a major setback for the climate cartel. But it didn’t give up.
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3) Adding new members to ExxonMobil’s board:
So the cartel set a new goal: get new members on ExxonMobil’s board of directors.
Long story short after much effort: 3 of the 4 proposed candidates secured majority votes for seats on the board.
By installing new board members, the cartel aimed to push its climate agenda.
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So the cartel set a new goal: get new members on ExxonMobil’s board of directors.
Long story short after much effort: 3 of the 4 proposed candidates secured majority votes for seats on the board.
By installing new board members, the cartel aimed to push its climate agenda.
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After its success with Exxon, the climate cartel is pressuring other companies to commit to the net zero agenda, continuing its climate crusade.
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I cover the important points of the interim report, but for a more comprehensive understanding, read the report here:
🧵10/10judiciary.house.gov/sites/evo-subs…
🧵10/10judiciary.house.gov/sites/evo-subs…
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