On Aug. 24, a coalition of 16 Republican state attorneys general sent letters to Deloitte, Ernst & Young (EY), KPMG, and PricewaterhouseCoopers (PwC) — collectively known as the Big Four accounting firms — raising concerns that the firms' climate commitments may conflict with professional accounting standards and state consumer protection laws.
The attorneys general focused on the firms' involvement with three climate initiatives:
- Task Force on Climate-related Financial Disclosures (TCFD): A framework that developed recommendations for companies to disclose climate-related financial risks.
- International Sustainability Standards Board (ISSB): An international standard-setting body that develops sustainability and climate-related financial disclosure standards.
- Net Zero Financial Service Providers Alliance (NZFSPA): A coalition of financial service providers that committed to aligning relevant products and services with achieving net-zero greenhouse gas emissions by 2050 or sooner.
