12:19 PM EDT, 06/11/2024 (MT Newswires) -- (Updates with additional details, a statement from a Climate Action 100+ spokesperson and requests for comment in the second to eighth paragraphs.)

The Republican-led House Judiciary Committee is targeting large Wall Street firms on Tuesday of colluding with advocacy groups to force companies to cut back their greenhouse gas emissions, Reuters reported, citing a report it saw before its publication.

The committee's report focused on Climate Action 100+, a group whose stated goal is to ensure that the biggest corporate greenhouse gas emitters in the world take steps to tackle climate change, according to Reuters.

The report said Climate Action 100+ "bullies asset managers to join" the group, Reuters reported.

The report cited an internal email that referenced a Climate Action 100+ plan to replace directors at Exxon Mobil ( XOM ) to show that the group "has teeth," Reuters reported.

A spokesperson for Climate Action 100+ told MT Newswires that "it is regrettable" that the topic of climate change, and Climate Action 100+, specifically, "has been unduly politicized."

"As the world's largest investor-led engagement initiative, Climate Action 100+ will be scrutinized and held to account," the spokesperson said. "But any scrutiny must be fair, accurate, and based on facts."

The committee's report also described BlackRock ( BLK ) , Vanguard and State Street (STT) as "climate cartel" members, according to Reuters.

Exxon Mobil ( XOM ), BlackRock ( BLK ), Vanguard and State Street didn't immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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