Standing up for climate
[Image alt text: As You Sow® banner with logo, image of mountains and a lake, and text saying: The nation’s leading non-profit shareholder advocate, with a 30+ year track record of changing corporations for good] < [link removed] > Dear John,
On Wednesday, November 1, the U.S. House Judiciary Committee formally subpoenaed < [link removed] > As You Sow, demanding that we produce a wide range of documents related to our work with companies on carbon pollution and citing the outlandish theory that this work violates antitrust rules.
We consider this to be undeniable proof of our impact and an infringement on shareholders’ basic freedom to address important issues like climate change.
It’s also an enormous undertaking to respond effectively to this new challenge. Will you help? < [link removed] >
The subpoena follows a letter < [link removed] > the Committee sent in August to As You Sow and six other organizations, including Engine No. 1, Institutional Shareholder Services (ISS) and responsible investment managers; and earlier investigation requests sent to organizations including CERES and CalPERS (CalPERS is the state of California’s public employees’ pension fund, with assets under management of over $460 billion).
Many recipients complied by sending thousands of internal documents that we believe the Committee had no authority to demand. Others may follow suit.
We do not believe the Committee’s demands have a defensible basis in law or fact, and we respectfully communicated that belief to the Committee. They reacted with Wednesday’s subpoena.
Your donation today < [link removed] > will make the necessary next steps possible.
The Committee’s August letter argues that “As You Sow is potentially violating U.S. antitrust law by entering into agreements to ‘decarbonize’ corporate assets and reduce emissions to net zero — with potentially harmful effects on Americans’ freedom and economic well-being.” In other words, the Committee claims our work encouraging corporations to reduce climate risk, instead of contributing to climate destruction, is somehow against the law.
Addressing climate risk is good business sense, not an anti-trust violation.
This allegation is a dramatic escalation in the campaign to reverse corporate progress on carbon pollution and social justice. It’s also a testament to the on-the-ground impact of As You Sow’s work.
Standing up to the forces defending old guard, high-carbon polluters -- not just the House Judiciary Committee, but red state Attorneys General and Treasurers backed by incredibly well-funded supporters -- is going to be expensive.
It already is expensive. In order to dig into the law, understand the options, and craft our response, we retained outside legal counsel and communications experts deeply experienced in congressional inquiries. That kind of aid does not come cheap. Given the stakes, it’s worth every penny, and more.
With the Committee’s subpoena now in force, we’ll need even more resources to protect shareholders’ rights, the freedom to invest sustainably, and most importantly, the environmental and social progress at corporations that is so alarming to the far right.
Ceding ground to the extreme anti-climate, pro-fossil fuel messaging of this subpoena, and the wider forces trying to stop progress, is simply not an option. Your donation today < [link removed] > sends a clarion call that we will not cede ground.
Actions like issuing these subpoenas, enacting red state laws preventing companies with rational climate policies from doing business in their states, undertaking red state treasurer campaigns to prevent climate action, and sending threatening Attorneys General letters are driven by a breathtaking degree of self-interest and short-term profit, creating real danger not only to risk-aware investing, but frankly, to the future of our planet. As You Sow is driven by the certainty that together, we can protect a future we want to see.
Unlike many others, As You Sow has the flexibility and ability to fight this radical, anti-climate, anti-competitive congressional inquiry. But as a nonprofit, we depend entirely on charitable donations to do our work. We need your help to carry on with both the necessary sprint and the undeniable marathon.
Will you make a gift today? < [link removed] >
This fight is just beginning. Please reach out if you have any questions or would like to further engage with As You Sow. I’d love to speak with you directly about what’s going on.
With gratitude and determination,Andrew Behar, CEO
P.S. Here’s our press release < [link removed] > on the Wednesday subpoena.
Donate < [link removed] >
As You Sow’s30+ year track record promoting corporate responsibility spans a broad range of the most important environmental and social issues facing corporations, investors, and citizens today, including climate change, ocean plastics, pesticides, racial justice, workplace diversity, and executive compensation. < [link removed] > < [link removed] > < [link removed] > < [link removed] >
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