The House Judiciary Committee released an interim report titled, “How Governor Tim Walz’s State Public Pension Fund Colludes with the Climate Cartel to Raise Energy Costs for American Consumers.” The report details how the Minnesota State Board of Investment (MSBI), chaired by Governor Tim Walz, uses $140 billion in the retirement savings of Minnesota public employees to pursue radical left-wing environmental, social, and governance (ESG) goals, ultimately forcing American consumers to foot the bill.
In recent years, Governor Walz has wielded the MSBI’s participation in Climate Action 100+ as a weapon in his broader climate crusade against affordable electricity. In 2023, after extensive coordinated engagement and support from Ceres, Governor Walz signed one of America’s most aggressive climate laws, mandating that 100% of Minnesota’s electricity come from carbon-free sources by 2040. Simultaneously, the MSBI colluded behind the scenes with other climate cartel investors to escalate Governor Walz’s “net-zero” climate campaign against affordable electricity and extend it across the entire U.S. economy.
According to documents produced for the Committee, following a pressure campaign from Governor Walz’s MSBI and Climate Action 100+, Xcel Energy, Inc.—one of America’s largest electric and gas utilities, serving 5.9 million customers across eight states—surrendered to the climate cartel and made a series of “net-zero” commitments, forcing it to retire carbon-based energy production and raise electricity prices throughout the Midwest. So far, the Committee has received and reviewed 278,553 documents and 2,596,401 pages of non-public information, interviewed five key individuals affiliated with the climate cartel, and issued document subpoenas to several key stakeholders.
Since the beginning of the Committee’s oversight, at least 70 investors have withdrawn from Climate Action 100+, including the former lead investor of Climate Action 100+’s Xcel Energy engagement, Morgan Stanley subsidiary Calvert Research & Management. In light of the continued collusion among climate cartel investors like the MSBI, the Committee’s investigation remains ongoing to inform potential legislative reforms.
Read the full interim staff report here.
