House Panel Probes Vanguard, Arjuna Over Climate Pact Exits
• House Judiciary Committee issued subpoenas to Vanguard Group and Arjuna Capital for documents related to investigation into possible illegal collusion to deprive funding to fossil fuel companies
• Investigation launched over concerns that participation in Net Zero Asset Managers Initiative violated U.S. competition law
• NZAM is a group committed to net-zero emissions by 2050 and limiting warming to 1.5 degrees Celsius
• Participation in NZAM decarbonization agreement could violate antitrust laws by coordinating in a way that harms competition
• Vanguard announced leaving NZAM in December 2021 due to confusion about attitudes on climate risk