Cotton: We Need to Investigate ESG ‘Climate Cartel’ ‘Contributing to $5 a Gallon Gas’

On Thursday’s broadcast of CNBC’s “Squawk Box,” Sen. Tom Cotton (R-AR) vowed to investigate ESG practices by “climate cartel” groups like BlackRock that are “contributing to $5 a gallon gas” “so a lot of fancy investment bankers can feel good about themselves” and “think they drive an electric car when really they’re driving a coal-powered car as opposed to a gas-powered car.”

Cotton stated, “[W]hat Larry Fink and BlackRock have done, in part through collusion with this Climate Action Partnership, is essentially create a climate cartel. They are trying to suppress investment in the fossil fuel industry in America. And I know you have a lot of CEOs and investors who watch. I would just say this, if you’re thinking about joining this climate cartel, you better think again, and you better lawyer up. There’s a reason why America’s top law firms are already advising their clients to be wary here, because this is contributing to $5 a gallon gas and when Republicans take charge in November, I’m going to make sure that the Congress is investigating these matters. This is almost certainly a breach of these firms’ fiduciary duties, probably a civil violation of anti-trust laws, … and very possibly a criminal violation.”

He later added, “[T]here are real victims here, not just companies that use these fuels or that produce them, but families in Arkansas who are trying to stretch their budgets to make them — to pay for $5 a gallon gas or to pay for diesel for their tractors. There are real victims here that are the target of these cartels, so a lot of fancy investment bankers can feel good about themselves, so they can think they drive an electric car when really they’re driving a coal-powered car as opposed to a gas-powered car.”

Follow Ian Hanchett on Twitter @IanHanchett

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