Accountability for Green Energy Investors

Texas Attorney General Ken Paxton has sued BlackRock, Vanguard, and State Street, alleging that they conspired to suppress coal output through anticompetitive actions. The firms allegedly used their position as major shareholders to pressure coal companies to adopt “green energy” goals, limiting supply and hiking energy prices. Paxton claims the corporations’ acts violated federal antitrust laws and Texas’ deceptive trade practices laws. A coalition of ten states has joined the lawsuit, which seeks accountability for suspected market manipulation.

Editor’s Note: While the push for green energy is frequently presented as a noble cause, the actions of these investing giants imply a concerted effort to capitalize on the transition. The transition from coal to sustainable energy is an expensive endeavor. These expenses fall on those who do not have the resources to adapt to or gain from the new energy economy. Progress necessitates striking a balance—promoting sustainable energy while ensuring that the transition is fair, transparent, and not motivated by profit at the expense of the most vulnerable. Holding these firms accountable is good news. [See also: Is the Push for Renewable Energy in the Philippines Ignoring the Economic Risks of Abandoning Coal?, From Alarmist to Skeptic: How Climate Change Narratives Are Shaping Global Policy, More Vaccines! This Time for Green House Gas Reduction]

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