{"id":1942507,"date":"2023-06-02T05:19:02","date_gmt":"2023-06-02T09:19:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-republican-ags-tanked-a-3-trillion-woke-climate-alliance\/"},"modified":"2023-06-02T05:24:08","modified_gmt":"2023-06-02T09:24:08","slug":"how-republican-ags-tanked-a-3-trillion-woke-climate-alliance","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-republican-ags-tanked-a-3-trillion-woke-climate-alliance\/","title":{"rendered":"GOP AGs killed $3T climate alliance."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">12<\/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%2Fhow-republican-ags-tanked-a-3-trillion-woke-climate-alliance%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=1942507&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--><h2>Republican Attorneys General Successfully Challenge Climate Coalition<\/h2>\n<div>\n<blockquote>\n<p>A group of Republican state attorneys general sent a letter in May to a United Nations-backed climate coalition, the Net-Zero Insurance Alliance, warning that it could be in violation of U.S. antitrust laws. Within weeks, nearly half of the alliance\u2019s members bolted, leaving the climate project in disarray.<\/p>\n<\/blockquote>\n<\/div>\n<p>The collapse of the Net-Zero Insurance Alliance, which included some of the world&#8217;s top insurance companies with over $3 trillion in assets, was the result of a sustained, two-year legal battle led by Republican attorneys general across the United States. The attorneys general launched investigations into two other UN-backed industry coalitions, the Net Zero Asset Managers Initiative and the Net Zero Bankers Alliance, which aim to accelerate the transition to a net-zero emissions economy by pushing members to reduce investments in high-emissions industries.<\/p>\n<h3>Legal Issues Raised by Coordinated Campaign<\/h3>\n<p>The attorneys general raised legal issues because the published target requirements of the Net Zero groups are specific, and their <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-republican-ags-tanked-a-3-trillion-woke-climate-alliance\/\" title=\"GOP AGs killed T climate alliance.\">members control large market shares<\/a> of their industries. Peter Bisbee, the executive director of the Republican Attorneys General Association, said, &#8220;The major fault with everyone in these Net Zero groups is it became very calculative. You could see exactly what they were doing and how they were doing it, and a lot of companies were putting out very mathematical language of how they were going to achieve these targets.&#8221;<\/p>\n<p>In May, 23 state attorneys general warned the Insurance Alliance that it could be in breach of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ftc-expands-its-power-to-penalize-powerful-companies\/\" title=\"FTC Expands Its Power to Penalize Powerful Companies\">federal antitrust laws<\/a> and their state equivalents that prohibit &#8220;agreements among competitors to issue uniform pricing policies, conditions of sale, production quotas, or otherwise limit the identity of their customers if those agreements will ultimately raise prices.&#8221;<\/p>\n<h3>Members Flee the Coalition<\/h3>\n<p>Members of the Net Zero Insurance Alliance had already raised concerns about the coalition\u2019s explicit target goals. Munich Re, an insurance company that dropped out in March, left citing &#8220;material antitrust risks.&#8221; At least 14 other firms fled the coalition after receiving the May letter, including the $1 trillion insurance behemoth Allianz, Lloyd\u2019s, Tokio Marine Holdings, and Samsung Fire &#038; Marine Insurance. Just 16 members remain.<\/p>\n<p>The United Nations Environmental Program is standing by the Insurance Alliance\u2019s work, stating that &#8220;there is a fundamental and urgent need for collaboration, not just individual action.&#8221; However, the investigations into both the investment and banking-focused Net Zero groups are intensifying.<\/p>\n<h3>Antitrust Violations and Consumer Protection Laws<\/h3>\n<p>Attorneys general from multiple states are investigating the Net Zero groups for potential antitrust violations and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/nhs-director-calls-out-gwyneth-paltrow-for-covid-19-recovery-advice\/\" title=\"NHS Director Calls Out Gwyneth Paltrow For COVID-19 Recovery Advice\">consumer protection laws<\/a>. Louisiana attorney general Jeff Landry is &#8220;concerned the Net Zero Insurance Alliance is stifling competition in Louisiana and driving up insurance costs for our consumers.&#8221; He is &#8220;investigating if their actions violate our antitrust and consumer protection laws.&#8221;<\/p>\n<p>Tennessee attorney general Jonathan Skrmetti said, &#8220;When industry participants band together to enact policy through their financial leverage, that oligarchical conduct runs afoul of both our antitrust laws and our republican form of government.&#8221; Montana attorney general Austin Knudson added that Net Zero groups are a way for activists to use corporations to &#8220;surreptitiously push political and social goals they couldn\u2019t accomplish through our democratic processes.&#8221;<\/p>\n<p>While antitrust cases are often settled out of court, Bisbee said he doesn\u2019t expect state attorneys general to compromise if it moves to litigation. &#8220;This path that the AGs are on is one where I firmly believe they are going to try to end the practice altogether,&#8221; Bisbee said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>climate coalition, the Net-Zero Insurance Alliance, occurred after a group of Republican state attorneys general sent a letter in May, warning that it could be in violation of U.S. antitrust laws. Within weeks, almost half of the alliance&#8217;s members left, leaving the project in disarray.<\/p>\n","protected":false},"author":120,"featured_media":1942508,"comment_status":"open","ping_status":"closed","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":[544],"tags":[28122,9550,4195,4321,6203,3940],"class_list":["post-1942507","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-free-beacon","tag-3t","tag-ags","tag-alliance","tag-climate","tag-gop","tag-killed"],"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\/1942507","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\/120"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1942507"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1942507\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1942508"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1942507"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1942507"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1942507"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}