EXCLUSIVE — A group of 22 state attorneys general sent a letter to a prominent group of financial service providers, accusing them of manipulating markets to service their "activist climate agenda."

In the letter sent to the Net Zero Financial Service Providers Alliance, obtained exclusively by the Washington Examiner, the attorneys general warn the financial institutions they may be in violation of state and federal consumer protection laws.

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“If financial service providers are colluding to limit consumer choices and manipulate market outcomes in support of international climate activists, that could violate our antitrust and consumer protection laws," Tennessee Attorney General Jonathan Skrmetti, who is leading the group, told the Washington Examiner. "Decisions about energy policy should be made by our elected representatives, not by transnational corporate alliances."

NZFSPA is part of the United Nations-backed Glasgow Financial Alliance for Net Zero, aimed at "decarbonizing" the global economy — a primary goal of the environmental, social, and governance movement, which seeks to end the use of fossil fuels and enforce social responsibility standards on companies. Its stated goal is to "accelerate the transition towards global net zero greenhouse gas (GHG) emissions ... and to help deliver the goals of the Paris Agreement."

The letter notes that all of the four largest accounting firms, which make up about 75% of the market share in that industry, are NZFSPA members and founders, which may be a violation of federal antitrust laws that "broadly prohibit business competitors from engaging in concerted action in restraint of trade or commerce."

It further states that while many members are competitors in other respects, "they nevertheless commit to using their market influence to enforce their collective climate agenda in the broader economy."

Will Hild, executive director of Consumers' Research, a consumer advocacy nonprofit organization, told the Washington Examiner that the financial institutions are taking part in the "net zero conspiracy," adding, "Financial services providers must understand that no matter what virtue signaling label they slap on it, collusion between members of an industry to drive up costs for Americans is immoral and illegal."

Members of the alliance are required to commit to several industrywide standards the attorneys general say are evidence of antitrust collusion.

The letter points to the commitment to "align all relevant services and products to achieve net zero greenhouse gas emissions by 2050 or sooner, scaling and mainstreaming Paris Agreement-alignment into the core of our business."

Members also agree to "coordinate their market pressure" to promote net-zero "efforts by proactively engaging with stakeholders and policy-makers on corporate and industry action, as well as public policies, that support a net zero transition of economic sectors."

Signatories also all agree to work with "climate-activist pressure groups" such as Net Zero Asset Owner Alliance, Paris Aligned Investment Initiative, Net Zero Banking Alliance, and the Net Zero Asset Managers Initiative.

Industrywide coordination like this, which includes many other climate commitments, "are almost always illegal," Skrmetti's letter states, warning the actions could amount to a "widespread boycott" of critical industries like gas, coal, and oil.

"Given the extraordinary market power of participants in the agreement, many companies may have no choice but to comply with your policy preferences, requiring them to restrict further the variety and output of goods and services that are not 'aligned' with your activist climate agenda," the letter continues. "Moreover, many of the companies you influence will be forced to stop dealing with other companies whose practices are inconsistent with your standards."

"In light of our legal concerns," the attorneys general are requesting detailed accounts of communications among members, actions they have taken to meet their commitment to the cause, and attempts to pressure other companies to become a member.

In May, a group of 23 attorneys general sent a similar letter to insurance companies that were members of the Net-Zero Insurance Alliance, resulting in at least seven companies leaving the group, five of which were founding members.

"We hope this letter will wake up members of the alliance to finally realize the massive potential liabilities of their behavior," Hild said. "They should cooperate with the investigation, and most importantly, stop conspiring against the public. No financial service provider has a legitimate reason to be part of NZFSPA."

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States represented on the letter are Alabama, Alaska, Arkansas, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Montana, Missouri, Nebraska, New Hampshire, Ohio, Oklahoma, South Carolina, Tennessee, Utah, Virginia, West Virginia, and Wyoming.

The NZFSPA did not return a request for comment from the Washington Examiner.