Vanguard Group, the investment giant whose offices in Malvern, Pennsylvania, have been targeted by environmentalists demanding it pressure companies to stop burning carbon fuels, now faces backlash from states who say its efforts to address climate change threaten investment profits for pension funds and other clients.
Attorneys general for Texas, Ohio, Indiana, and 10 Southern and Great Plains states on Nov. 28 filed a protest with the Federal Energy Regulatory Commission (FERC), seeking to block Vanguard from buying electric-power utility company shares for the next three years.
They cited Vanguard’s attempts to pressure utilities into disclosing fossil-fuel pollution and its agreements with environmental organizations that want investors to push to eliminate natural gas and coal plants altogether. In a statement, Vanguard insisted it remains committed to collecting higher profits for its customers.
