Florida attorney general subpoenas CDP and SBTi

The Science Based Targets initiative (SBTi) and CDP have been subpoenaed by Florida Attorney General James Uthmeier as part of what his office described as an antitrust and consumer protection investigation into a “climate cartel.”

A statement announcing the subpoenas, issued July 28, was light on details but contained language suggesting CDP’s Reporter Services program may be one target of the investigation. The program allows participating companies to pay CDP for feedback on their disclosures, including details on how previous disclosures were scored.

The attorney general’s statement accuses both CDP and SBTi of “selling services to obtain better scores and public endorsements” and “creating incentives for corporations to pay in exchange for favorable treatment.”

Uthmeier also alleges that SBTi “sells companies validation of their climate goals — then directs them back to CDP to report their progress, creating what appears to be a profit-driven feedback loop.” The SBTi’s near-term and net-zero standards both recommend CDP as a disclosure option but do not require companies to disclose emissions via a specific platform.

The investigation will also dig into potential antitrust violations, focusing on whether “coordination” between CDP, financial institutions and investment services amounts to market manipulation. 

Under scrutiny: Antitrust concerns

Cynthia Hanawalt, a researcher at Columbia University’s Sabin Center for Climate Change Law, noted that the allegations are hard to assess because a complaint has not yet been filed in court. But she added that this is the latest of several attempts by Republican attorneys general to use allegations of antitrust violations to investigate climate nonprofits. At least a dozen states have also sued investment firms over alleged anti-competitive behavior related to ESG investing practices.

“Previous anti-ESG investigations have had a chilling effect on financial institutions who had been participating in groups focused on setting net zero standards,” said Hanawalt. “Perhaps that is the goal again here.”

Uthmeier’s approach and the decision to announce it publicly differ from previous investigations in that it casts a notably wide net, said Roy Prather, principal at law firm Beveridge & Diamond. It’s not unreasonable to suspect that any information gathered from CDP or SBTi would be used to target other companies, particularly financial institutions. “This is a targeted campaign to gather as much information as possible and figure out other targets,” Prather said. 

“Despite the many anti-ESG investigations launched so far, only one complaint has ever been filed,” added Hanawalt. “And the court has not reached a decision in that case.” The case pits a group of Republican states, led by Texas, against asset managers BlackRock, Vanguard and State Street.

The SBTi declined to comment on the announcement, and CDP did not immediately return a request for comment.

Article updated on July 30, 2025, to include comments from Cynthia Hanawalt.