US Home committee targets one other investor local weather group

By Ross Kerber

(Reuters) – The Republican-led U.S. Home of Representatives Judiciary Committee is searching for data from some 60 U.S. asset managers about their involvement with an investor local weather group, including strain in opposition to environmental efforts by massive buyers.

Letters despatched on Friday to members of the Internet Zero Asset Managers initiative, or NZAM, had been signed by committee Chairman Jim Jordan and Consultant Thomas Massie. They made claims consistent with a committee report launched on Dec. 13 that Republicans say confirmed fund companies colluded to chop emissions. The committee’s Democrats have dismissed such claims, and large fund companies have denied comparable fees.

Representatives for corporations that obtained the letter together with BlackRock (NYSE:BLK), State Avenue (NYSE:STT) and JPMorgan Asset Administration didn’t instantly remark when contacted late on Friday.

Republicans beforehand have taken credit score for prompting these three fund managers to step again from one other investor group, the Local weather Motion (WA:ACT) 100+.

NZAM says it’s a global group with greater than 325 signatories managing $57.5 trillion, in response to its web site. Members pledge to assist the aim of internet zero greenhouse gasoline emissions by 2050, utilizing affect comparable to how they vote their proxies at company conferences.

The letters from Jordan and Massie state that corporations’ efforts with NZAM and the affiliated Glasgow Monetary Alliance for Internet Zero “could violate U.S. antitrust legislation,” citing the sooner report. They ask for data comparable to how corporations’ participation in NZAM modified their stewardship methods.

Mindy Lubber, CEO of Boston-based environmental advocacy group Ceres, an organizing companion of NZAM, mentioned in an interview that the letters had been “per different efforts to recommend that buyers ought to not contemplate local weather danger, when after all they need to pay attention to local weather danger as a part of their fiduciary responsibility.”