Florida Attorney General James Uthmeier has announced an investigation into CDP (formerly the Climate Disclosure Project) and the Science Based Targets Initiative (SBTi) over possible consumer protection or antitrust laws after they allegedly coerced companies into disclosing proprietary data and paying for access under the guise of environmental transparency.
“Radical climate activists have hijacked corporate governance and weaponized it against the free market,” Uthmeier said in a release. “Florida will not sit back while international pressure groups shake down American companies to fund their ESG grift. We’re using every tool of the law to stop the Climate Cartel from exploiting businesses and misleading consumers.”
According to the release, both organizations are being subpoenaed by Uthmeier over the following alleged trade practices:
- Selling services to obtain better scores and public endorsements.
- Creating incentives for corporations to pay in exchange for favorable treatment.
- Misrepresenting the objectivity of environmental data used by investors and consumers.
The attorney general is also investigating the CDP over alleged antitrust violations, specifically regarding their supposed coordination with financial institutions and other investment services and if it aligns with unfair market manipulation, as well as whether their efforts to pressure or punish companies that didn't participate resulted in anticompetitive effects.
CDP was established by British ESG activists to “dematerialize economic growth” and “prevent dangerous climate change.” The organization is also said to be the world's largest environmental disclosure system, specifically charging companies to report, revise, and promote their data, while in turn selling services that allegedly boost scores and offer advantageous quotes for CDP executives for a price.
The scoring system is supposedly tied to corporate access to capital with Bloomberg, ISS, S&P Global, and Santander, which rely on CDP figures to make financial evaluations.
SBTI, also established by CDP and the United Nations Global Compact, promotes their climate initiatives to companies before directing them back to CDP to report the progress, creating what the AG claims to be a profit-driven feedback loop.
"Florida will continue defending free enterprise and protecting consumers from fraudulent ESG schemes masquerading as science," the release concluded.
