The ultra-woke financier collective, the pushers of ESG and DEI in corporate America, are being accused of working together to drive up energy costs in the name of the climate-change agenda.
The AGs of Alabama, Arkansas, Indiana, Iowa, Kansas, Missouri, Montana, Nebraska, West Virginia, and Wyoming are taking the lead from Texas's Ken Paxton on this one.
Here's Paxton with the explanation.
BREAKING: Texas Sues BlackRock, State Street, and Vanguard for Illegally Conspiring to Manipulate Energy Markets, Driving Up Costs For Consumers
Texas will not tolerate the illegal weaponization of the financial industry in service of a destructive, politicized ‘environmental' agenda.
BlackRock, Vanguard, and State Street formed a cartel to rig the coal market, artificially reduce the energy supply, and raise prices.
Their conspiracy has harmed American energy production and hurt consumers. This is a stunning violation of State and federal law.
The core of the claims against these three asset managers is that they have such huge holdings in coal that they could allegedly connive together to raise the price of coal to force climate policies to be implemented.
The lawsuit alleges that BlackRock, Vanguard and State Street used their shareholdings in coal companies, including Peabody Energy Corp. and Arch Resources Inc., to press management to cut their carbon emissions. This started in 2021 at the height of the ESG boom.
The investment firms also joined groups such as Climate Action 100+ and Net Zero Asset Managers Initiative that press companies to cut their carbon emissions. In effect, the investors formed 'a syndicate and agreed to use their collective holdings of publicly traded coal companies to induce industrywide output reductions,' according to the suit.
They, according to the suit, all worked together on a climate agenda, basically creating a cartel to push net zero on coal miners, destroying production.
If you need a refresher, we've covered Blackrock, Vanguard, and the whole ESG agenda on Not the Bee multiple times.
Glad to see Republicans found their spines!
P.S. Now check out our latest video 👇
