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Statement

STATEMENT: Big Oil Behind U.S. Chamber Attacks Against Responsible Investing Initiatives That Will Create Jobs, Protect Retirement Savings

February 6, 2024

Washington – A coalition of big business interest groups backed by Big Oil including the U.S. Chamber of Commerce filed a lawsuit against California for requiring companies who do business in the state to disclose emissions reporting across their entire value chain. 

“The lawsuit against California is not the first time the U.S. Chamber of Commerce has attempted to mislead the American public about climate disclosures to protect their billionaire members’ interests at the expense of everyday Americans,” said Kyle Herrig, spokesperson for Unlocking America’s Future. “The idea that these policies will not have any ‘notable impact on climate change’ is simply inaccurate and harmful to our economy and Americans’ financial security. Attacks against climate disclosures and responsible investing are deeply unpopular across party lines, and 70 percent of Republicans oppose government interference on these efforts.”

The U.S. Chamber of Commerce has repeatedly attempted to block the SEC’s climate disclosure ruling, which is set to be announced by April of this year. 

  • The U.S. Chamber of Commerce, alongside groups like the American Petroleum Institute, has pushed the SEC to drop mandatory disclosures from its proposed rule, arguing in their 141 page comment that it should be “entirely voluntary.”
    • During the second quarter of 2022, the U.S. Chamber of Commerce disclosed spending some of their $15.8 million in lobbying expenses specifically on the SEC’s proposed climate disclosure rule.
  • The U.S. Chamber of Commerce takes in millions of dollars each year from big oil companies and gave them four seats on the group’s board of directors. The Chamber gave seats to Chevron, ConocoPhillips, Phillips 66, and Shell USA, Inc.
    • In 2022, Chevron contributed $500,000.
    • In 2022, Shell contributed between $1 million and $2.5 Million.
    • In 2022, ConocoPhillips contributed over $500,000.
  • The U.S. Chamber’s membership includes some of the largest producers of carbon emissions in the U.S., accounting for at least 5% of all U.S. greenhouse gas emissions.