Of pots and kettles: Big Oil and the anti-ESG movement are accusing banks of running ‘climate cartels’

The word “cartel” conjures images of backroom meetings of powerful business leaders. But the world’s most famous cartel, the Organization of the Petroleum Exporting Countries (OPEC), is no secret. OPEC is an affiliation of leading oil-producing countries that manipulates the global supply of crude to boost profits. Ironically, the fossil fuel industry and the Republican politicians they support are trying to spin that epithet by claiming that “climate cartels” have arisen among financial institutions working to implement net zero goals.