{"id":1755672,"date":"2022-11-29T16:33:08","date_gmt":"2022-11-29T21:33:08","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1755672"},"modified":"2022-11-29T16:33:14","modified_gmt":"2022-11-29T21:33:14","slug":"state-attorneys-general-move-to-block-vanguards-climate-crusade-from-impacting-public-power-grids","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/state-attorneys-general-move-to-block-vanguards-climate-crusade-from-impacting-public-power-grids\/","title":{"rendered":"State Attorneys General Move To Block Vanguard\u2019s Climate Crusade From Impacting Public Power Grids"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fstate-attorneys-general-move-to-block-vanguards-climate-crusade-from-impacting-public-power-grids%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1755672&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Attorneys general from multiple conservative states and nonprofit organization Consumers\u2019 Research filed motions seeking to prevent <a href=\"https:\/\/www.dailywire.com\/topic\/vanguard\" target=\"_blank\" rel=\"noopener\">Vanguard<\/a> from purchasing shares in <a href=\"http:\/\/dailywire.com\/topic\/wall-street\" target=\"_blank\" rel=\"noopener\">publicly traded<\/a> utilities out of a concern that the company\u2019s <a href=\"http:\/\/dailywire.com\/topic\/climate-change\" target=\"_blank\" rel=\"noopener\">climate change<\/a> efforts will raise <a href=\"http:\/\/dailywire.com\/topic\/inflation\" target=\"_blank\" rel=\"noopener\">prices<\/a> and decrease <a href=\"http:\/\/dailywire.com\/topic\/energy\" target=\"_blank\" rel=\"noopener\">energy<\/a> reliability.<\/p>\n<p>The motions filed with the Federal Energy Regulatory Commission argue that Vanguard should not be eligible for blanket authorization to buy shares in public utilities under the Federal Power Act because the asset manager uses market power to advance decarbonization goals. Along with rival firms BlackRock and State Street, Vanguard participates in the Net Zero Asset Managers initiative, through which the companies <a href=\"https:\/\/www.netzeroassetmanagers.org\/\" target=\"_blank\" rel=\"noopener\">commit<\/a> to seek \u201cnet zero greenhouse gas emissions by 2050 or sooner\u201d using investment funds.<\/p>\n<p>\u201cWe took this action on behalf of American energy consumers because time and time again we see massive Wall Street firms pretending to \u2018passively\u2019 manage their shares, but instead they use those assets to bully utility companies into adopting radical left-wing policies that drive up electric bills and risk the stability of our power grid,\u201d Consumers\u2019 Research Executive Director Will Hild remarked in a statement provided to The Daily Wire.<\/p>\n<p>Among other examples, the group\u2019s complaint noted that Vanguard, BlackRock, and State Street coordinated to elect three climate-conscious board members to Exxon Mobil, which subsequently announced a $15 billion commitment to lower emissions while abandoning certain oil and gas projects. BlackRock has taken \u201cvoting action on climate issues\u201d against dozens of its portfolio companies, according to an investment stewardship <a href=\"https:\/\/www.blackrock.com\/corporate\/literature\/publication\/our-commitment-to-sustainability-full-report.pdf\" target=\"_blank\" rel=\"noopener\">report<\/a>.<\/p>\n<p>The adjacent motion from 13 Republican state attorneys general likewise contends that Vanguard breached commitments to refrain from exercising \u201cany control over the day-to-day management\u201d of utility companies or taking action \u201caffecting the prices at which power is transmitted or sold.\u201d The lawyers, who called for a hearing to determine whether a renewed blanket authorization for Vanguard is in the public interest, argued that the company has engaged in \u201cenvironmental activism\u201d and used \u201cfinancial influence to manipulate the activities of the utility companies in its portfolio.\u201d<\/p>\n<p>\u201cKentucky joined a coalition of attorneys general, led by Indiana and Utah, in challenging Vanguard\u2019s application to extend its blanket authorization under the Federal Power Act for the acquisition of certain securities of publicly traded utilities,\u201d Kentucky Attorney General Daniel Cameron said in a statement provided to The Daily Wire. \u201cConsumers across our country are already feeling the sting of skyrocketing electricity bills, and Vanguard\u2019s request to extend its authorization, coupled with its commitment to imposing net-zero requirements on publicly traded utilities, would only increase these costs.\u201d<\/p>\n<p>Republican state officials have implemented a number of moves to <a href=\"https:\/\/www.dailywire.com\/news\/kentucky-officials-make-move-to-purge-woke-investing-from-the-state\" target=\"_blank\" rel=\"noopener\">divest pension funds<\/a> from leading asset managers out of a concern that the firms advance social agendas antithetical to the values of their constituents. BlackRock CEO Larry Fink recently <a href=\"https:\/\/www.dailywire.com\/news\/blackrock-makes-major-change-after-backlash-against-woke-investing\" target=\"_blank\" rel=\"noopener\">announced<\/a> that institutional clients will be able to vote their shares rather than allow the firm to exercise proxy voting.<\/p>\n<p>Beyond funds controlled by conservative-leaning states, evidence suggests that broader market forces call for asset managers to let shareholders retain the ability to vote their shares. An <a href=\"https:\/\/www.dailywire.com\/news\/poll-by-two-to-one-margin-investors-reject-woke-companies-pushing-political-causes\" target=\"_blank\" rel=\"noopener\">exclusive poll<\/a> from The Daily Wire showed that 64% of respondents believe \u201cindividual investors whose savings are being invested\u201d should ultimately decide whether retirement and pension funds are allocated according to ESG standards, while a mere 20% believe that \u201cWall Street asset managers\u201d should make such decisions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Attorneys general from multiple conservative states and nonprofit organization Consumers\u2019 Research filed motions seeking to prevent Vanguard from purchasing shares in publicly traded utilities out of a concern that the company\u2019s climate change efforts will raise prices and decrease energy reliability. The motions filed with the Federal Energy Regulatory Commission argue that Vanguard should not &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1755676,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1755672","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1755672","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1755672"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1755672\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1755676"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1755672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1755672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1755672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}