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Several attorneys general warn a group of financial firms that their climate agendas "may violate laws"

22 prosecutors are concerned that NZFSPA member companies (Bloomberg, Moody's, KPMG and others) could abuse their power and force other companies to comply with their climate agenda..

Cambio climático

(Jeanne Menjoulet-Flickr)

Published by
Verónica Silveri Pazos

Topics:

A total of 22 state attorneys general signed a letter warning the Net Zero Financial Service Providers Alliance (NZFSPA) that its commitment to meet the objectives of its climate agenda "may violate state and federal laws, including antitrust and consumer protection laws."

NZFSPA describes itself as "a global group of financial service providers committed to supporting the goal of net zero greenhouse gas emissions worldwide by 2050 or sooner." Some companies that have been "committed" to this goal are Bloomberg, Ernst & Young (EY), Deloitte, Moody's and KPMG, among others.

Prosecutors expressed concern that the member companies have "extraordinary market power" and their "influence" may result in many companies that disagree with their green agenda being coerced and forced to comply with it. This, in turn, could cause problems.

Given the extraordinary market power of participants in the agreement, many companies may have no choice but to comply with your policy preferences, requiring them to restrict further the variety and output of goods and services that are not “aligned” with your activist climate agenda. Moreover, many of the companies you influence will be forced to stop dealing with other companies whose practices arein consistent with your standards.

State AGs NZFSPA Letter 9-13-2326 by Veronica Silveri on Scribd

Companies can abuse their power

The letter sent to NZFSPA argues that companies are abusing their position of power since "they nevertheless commit to using their market influence to enforce their collective climate agenda in the broader economy and to 'work in coordination' with other 'Net Zero' groups convened by the UN." Other guidelines include:

- Align all relevant services and products to achieve net-zero greenhouse gas emissions.

- Build internal capacity to understand the risks and opportunities of the net zero transition.

- Consistently raise with our key stakeholders the importance and implications of setting net-zero emissions targets and strategies.

Prosecutors want access to internal communications

Prosecutors are demanding that the NZFSPA release internal communications containing information about actions companies have taken to "halve global emissions by 2030 or establish a 'zero-carbon world'":

Please describe in detail all communications related to your commitments to NZFSPA, including communications between you and any other NZFSPA signatories or between you and any partners or affiliates of NZFSPA.

The group has until Oct. 13 to respond. The letter was signed by prosecutors in Alabama, Alaska, Arkansas, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, New Hampshire, Oklahoma, Ohio, South Carolina, Utah, Virginia, West Virginia and Wyoming.

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