{"id":84888,"date":"2024-06-13T00:00:00","date_gmt":"2024-06-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/06\/13\/another-attack-on-corporate-climate-action-from-us-republicans\/"},"modified":"2024-06-13T00:00:00","modified_gmt":"2024-06-13T00:00:00","slug":"another-attack-on-corporate-climate-action-from-us-republicans","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/06\/13\/another-attack-on-corporate-climate-action-from-us-republicans\/","title":{"rendered":"Another attack on corporate climate action from US Republicans"},"content":{"rendered":"

Right wing attack on Wall Street: <\/strong>Republican lawmakers are accusing Wall Street of \u201ccolluding\u201d with climate advocacy groups and forming a \u201cclimate cartel\u201d in their bid to shrink corporate America's emissions, Reuters<\/a> reports, citing a report by the Republican majority in a US congressional committee. In response to fears that the fossil fuel industry will see increased divestment as more firms adopt ESG criteria, Republicans are accusing the Biden administration of not properly investigating the \u201capparent violations of longstanding US antitrust law.\u201d<\/p>\n

Big names were thrown in the bag: <\/strong>\u201cThe Republicans described the world's three biggest asset managers, BlackRock, Vanguard, and State Street as members of the climate cartel,\u201d Reuters writes. From the climate advocacy side, the report focused most of its criticisms on Climate Action 100+ \u2014 a group of more than 700 investors working on pushing companies to curb emissions \u2014 which the report says are \u201cbullying asset managers to join.\u201d<\/p>\n

But not everyone agrees: <\/strong>\u201cThere is no theory of antitrust law that prevents private investors from working together to capture the risks associated with climate change,\u201d Democrat Congressman Jerrold Nadler said in response to the report. He argued that cooperating on climate efforts enhances competition by creating a streamlined emissions disclosure framework. Democrats still control the White House and the Senate making anti-ESG legislation unlikely at the moment. However, the upcoming elections may shake things up. <\/p>\n

You can read more about the recent political backlash against ESG in our <\/strong>comprehensive report<\/a><\/strong> published last month. <\/strong><\/p>\n

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Italian electrochemistry firm <\/strong>Industrie De Nora<\/a><\/strong> has broken ground on Italy's largest <\/strong>electrolyzer manufacturing plant<\/strong>, Reuters<\/a> reports. The EUR 100 mn plant is slated to be operational by late 2025 or early 2026, and already has orders from customers \u2014 including Neom's Green Hydrogen Project<\/a> \u2014 secured to produce 2 GW worth of hydrogen. <\/p>\n

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n