Nyenta.com - UCF Responds to Congressional Inquiry Over Responsible Investing

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NEW YORK - Nyenta -- On Tuesday, July 30, Congressman Jim Jordan (R) of Ohio Chairman of the House Judiciary Committee, and Congressman Thomas Massie (R) of Kentucky, Chair of the Subcommittee on the Administrative State, Regulatory Reform, and Antitrust, sent a letter (https://ucfunds.org/wp-content/uploads/2024/08/...) to United Church Funds (UCF) and over 130 other institutional asset owners and managers requesting information on their responsible investing strategies as they relate to climate goals.

In the letter, Rep. Jordan warned that collective pledges to drive down greenhouse gas emissions could be in violation of federal antitrust laws.

The letter followed a recent hearing by the Committee in which several Republican members focused on Climate Action 100+ (https://www.climateaction100.org/), an investor-led initiative of which UCF is a member, as evidence of unlawful collusion among responsible institutional investors.

In a written response (https://ucfunds.org/wp-content/uploads/2024/08/UCF-Response-to-House-Judiciary-Committee-12Aug2024-FINAL.pdf) to the Committee from Charles Buck, UCF's President and CEO, UCF pushed back on the characterization of our work in achieving environmental, social and governance (ESG) goals as "collusion" or in violation of U.S. antitrust laws. "United Church Funds (UCF) has a dual mandate of earning competitive returns for our clients while also seeking a just and sustainable world," the letter read in part. "UCF views rising levels of greenhouse gas (GHG) emissions as an investment risk for the long-term returns and sustainability of its investment portfolio as well as deeply troubling, in light of the Christian theology of creation care."

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Buck went on to write: "Addressing systemic and global issues like toxic emissions coming from greenhouse gas emissions requires a concerted effort. While UCF always acts independently, we believe that it is important for industry leaders to understand that concerns about GHGs are not ours alone.

"Climate Action 100+ enables us to identify and work with other investors who share our views about the materiality of climate risk and the responsibility of corporations across all sectors to make shifts in behavior that put the global economy on a more sustainable path."

While UCF disagrees with the Committee's characterization of our work, we are committed to transparency, and we will fully cooperate in providing the requested information regarding our ESG initiatives and climate justice efforts.

UCF's commitment to addressing climate change is exemplified by the United Church of Christ's notable legacy of environmental justice advocacy (https://www.ucc.org/what-we-do/justice-local-church-ministries/efam/environmental-justice/a_movement_is_born_environmental_justice_and_the_ucc/), which continues to inspire our work today. We believe that addressing climate-related risks aligns perfectly with our responsibilities as a faith- and values-aligned investor, and we look forward to continuing our work in this vital area, collaborating with stakeholders to further the goals of combatting climate change and achieving environmental justice and equity for all.

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You can read the full text of the Committee's letter here (https://ucfunds.org/wp-content/uploads/2024/08/...) and UCF's full response to the Committee here (https://ucfunds.org/wp-content/uploads/2024/08/...).