In a disturbing new development, a global group of financial services companies committed to achieving net zero carbon emissions by 2050 or sooner is facing allegations of violating antitrust and consumer protection laws. The Net Zero Financial Service Providers Alliance (NZFSPA) includes powerful companies such as Deloitte, EY, Bloomberg, KPMG, and S&P Global, which are accused of engaging in a climate activist alliance aimed at limiting consumer choices and manipulating market outcomes.
A letter from 22 state attorneys general, led by Tennessee’s Johnathan Skrmetti, warns that the NZFSPA commitments may violate state and federal law, including antitrust laws and consumer protection laws. The alliance allegedly involves companies coordinating their agenda with numerous other climate-activist pressure groups to enforce their collective climate agenda on the broader economy, despite being direct competitors with each other.Â
The state attorneys general highlight the potential threats to consumer choice and the significant market power of NZFSPA participants in achieving their aims. The letter demands that signatories describe in detail all communications related to their commitments to the NZFSPA, actions they have taken to fulfill their obligations, and ways in which they have materially deviated from their commitments.
The Consumer’s Research Executive Director Will Hild praised the state attorneys general for their important work defending consumers against yet another net zero conspiracy. He pointed out the massive potential liabilities associated with the alliance and called for these companies to cooperate with the investigation and stop conspiring against the public.
The letter and allegations from the state attorneys general follow warnings issued to several insurance companies that had left the alliance. In particular, the companies were warned of potential legal ramifications associated with their involvement in the alliance. The NZFSPA must understand that collusion between members of an industry to drive up costs for Americans is immoral and illegal. No financial service provider has a legitimate reason to be part of the NZFSPA, which is yet another example of multinational corporations attempting to limit consumer choice and undermine democracy. It is imperative that policy decisions concerning energy are made by elected representatives rather than transnational corporate alliances.
