Nebraska Joins Antitrust Lawsuit Against Institutional Investors for ESG Commitments
LINCOLN–(KFOR Nov. 27)-Nebraska Attorney General Mike Hilgers on Wednesday announced that the state has joined the lawsuit against investors BlackRock, State Street Cooperation and Vanguard for conspiring to artificially constrict the coal market through anticompetitive trade practices
Those asset managers collectively announced in 2021 their commitment to weaponize their shares to pressure the coal companies to accommodate “green energy” goals. To achieve this, Hilgers said the investment companies pushed to reduce coal output by more than half by 2030.
“Whether it comes from state or federal governments or the private sector, the radical climate agenda harms Nebraskans. Nebraska’s energy sector depends on coal, and these ESG agreements make coal-based power more expensive, hiking the price of electricity for end consumers,” said Attorney General Hilgers. “We want the free market to work, but anticompetitive agreements like ESG investment pledges or truck manufacturers who conspire to eliminate the internal-combustion engine attempt to control the market based on a political agenda. Our lawsuit is aimed at letting fair market prices be set by supply and demand—not by three of the largest financial firms in the country based on ESG goals that investors are not interested in.”
Nebraska, Texas, Alabama, Arkansas, Indiana, Iowa, Kansas, Missouri, Montana, West Virginia, and Wyoming are the states suing.