Iowa Attorney General Brenna Bird, along with 22 other AGs, sent a letter demanding answers from the Science Based Targets Initiative (SBTi) over its Financial Institutions Net-Zero Standard.
The letter, addressed to SBTi CEO, David Kennedy, demands documents on member commitments, funding sources, and insurer actions tied to the Financial Institutions Net-Zero Standard, which may violate the law, and have harmed consumers.
Bird posted on social media: “Making net-zero a goal actively harms Americans, creates risk for energy independence, and increases the cost of safe, healthy, nutritious food."
Making net-zero a goal actively harms Americans, creates risk for energy independence, and increases the cost of safe, healthy, nutritious food. pic.twitter.com/YAO8Igbck3
— Iowa AG Brenna Bird (@AGIowa) August 8, 2025
Specifically, the AGs argue that SBTi's Standards are unlawful and raise energy and food costs.
The letter states: "As many of us have explained to other organizations over the last several years, it is illegal for companies and organizations to enter into agreements to limit output of goods or services.
From engagement with Climate Action 100+ and Net Zero Alliances, the actions take similar form—companies coordinate with an organization and agree to squeeze perceived bad actors to get to “net zero” by some future date.
And engagement with Science Based Targets Initiative (“SBTi”) is no different, Bird said. “Members who submit goals to SBTi appear to have banded together to meet the new Standard to cut off funding and insurance to the oil and gas industry...Companies cannot collude to refuse access to their services, whether they do so in a smoke-filled room or launder that collusion through a third party.”
Last week, Florida Attorney General James Uthmeier launched an investigation into SBTi over potential consumer protection and antitrust violations.
The financial net zero goals limit goods and services, Bird said in a statement.
"SBTi is trying to redo President Biden's radical green scheme. If successful, they'll hurt farmers, energy producers, and Iowans. Their program limits output of goods or services but also net zero programs are unrealistic and harm both American agriculture and industry. Making net zero a goal actively harms Americans, creates risk for energy independence and increases the cost of safe, healthy, nutritious food."
The climate policies hurt consumers and are possibly illegal, Will Hild, the executive director of consumers' research, said in a statement.
"President Trump has made it extremely clear that America is unleashing American energy dominance, but the SBTi is continuing to pressure organizations into following net-zero requirements that are completely senseless and only serve to push a political agenda. Consumers’ Research fully supports the Attorneys General looking into STBi's prioritization of far-left climate standards.”
Jason Isaac, the CEO of the American Energy Institute, compared the climate rules to "climate cartels."
"SBTi’s financial standards aren’t just unrealistic, they’re potentially illegal, coordinating global firms to cut off essential industries from capital and insurance. These actions drive up energy and food prices for American families, all while outsourcing control to foreign NGOs and U.N.-backed pressure groups. Americans aren’t going to sit back while unelected activists dictate economic policy from across the Atlantic."
LIST OF SIGNATORIES ON THE LETTER (23 states):
- Brenna Bird, Iowa (LEAD)
- Steve Marshall, Alabama
- Treg Taylor, Alaska
- Tim Griffin, Arkansas
- James Uthmeier, Florida
- Chris Carr, Georgia
- Raúl Labrador, Idaho
- Todd Rokita, Indiana
- Kris Kobach, Kansas
- Liz Murrill, Louisiana
- Lynn Fitch, Mississippi
- Andrew Bailey, Missouri
- Austin Knudsen, Montana
- Mike Hilgers, Nebraska
- Drew Wrigley, North Dakota
- Gentner Drummond, Oklahoma
- Alan Wilson, South Carolina
- Marty Jackley, South Dakota
- Jonathan Skrmetti, Tennessee
- Ken Paxton, Texas
- Jason Miyares, Virginia
- John McCuskey, West Virginia
- Bridget Hill, Wyoming
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