Nebraska, Iowa AGs Join Lawsuit Accusing Investment Firms of Collusion to Promote ‘Green Energy’

LINCOLN, Neb. (WOWT) – Attorneys general in Nebraska and Iowa are joining an antitrust lawsuit against some of the world’s largest financial companies.

The 11 Republican-led states say investment firms are artificially restricting the coal industry for financial reasons. Texas, Alabama, Arkansas, Indiana, Kansas, Missouri, Montana, West Virginia and Wyoming have also signed up.

The lawsuit cited in Texas involves environmental, social and governance investment obligations, known as ESG. It refers to a methodology for socially responsible and sustainable investments.

However, the lawsuit filed by the states accuses several large institutional investment firms of using ESG as a pretext to artificially restrict the market for coal.

Mike Hilgers of Nebraska AG says Blackrock, State Street Corp. and Vanguard have acquired significant stakes in every listed coal producer in the country. This gives the investing giants the power to control the corporate policies of companies.

Hilgers claims that power gives companies the ability to significantly reduce competition and make “cartel-level profits.”

In a statement Wednesday, Hilgers said, “The radical climate agenda is hurting Nebraskans. …Nebraska’s energy sector depends on coal, and these ESG agreements make coal-fired power more expensive and raise end-user electricity prices.”

Iowa AG’s Brenda Bird said “woke Wall Street’s green agenda” is hurting farmers.

“What ‘net zero’ actually means is no beef or dairy cows, no fertilizer for growing grains and no family farms. “Families face high utility and food bills,” she said in a news release Wednesday.

BlackRock said in a statement on Wednesday that the allegations were baseless and contrary to common sense. State Street and Vanguard did not immediately comment on the lawsuit.

Climate activists argue that the environmental risks of fossil fuels are equivalent to financial risks and that addressing them is the responsibility of the investment industry.

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