Florida AG Investigates CDP and SBTi Over Antitrust Allegations

Florida Attorney General James Uthmeier has issued subpoenas to climate disclosure body CDP and the Science Based Targets initiative, alleging potential antitrust violations and deceptive trade practices. The investigation marks the latest escalation in U.S. Republican-led anti-ESG actions targeting international sustainability organisations.

Uthmeier labelled CDP and SBTi a "climate cartel," claiming the organisations coerce companies into disclosing proprietary data and paying for access under the guise of environmental transparency. CDP, founded in 2000, operates a global environmental disclosure system through which more than 22,700 companies reported in 2024, an 8% increase over the prior year. SBTi, established in 2015 as a collaboration between CDP, WRI, WWF, and the UN Global Compact, validates corporate emissions reduction targets aligned with climate science.

The investigation targets alleged practices including selling services to obtain better ESG scores, creating incentives for companies to pay for favourable treatment, and misrepresenting the objectivity of environmental data used by investors. The AG also scrutinises whether coordination between CDP, financial institutions, and investment services constitutes unlawful market manipulation, and whether CDP's platform pressures amount to anticompetitive effects. The action fits a broader pattern of Republican-led state initiatives against ESG, with Florida under Governor DeSantis at the forefront.

CDP stated it is aware of the AG's statement but declined to comment on the allegations at this time. The probe also targets SBTi's Corporate Net-Zero Standard V2, currently under development. Legal scrutiny of ESG organisations is increasing across multiple U.S. states, raising uncertainty for global corporates that use CDP disclosures and SBTi validation as cornerstones of their sustainability reporting and investor communication.

Key figure — 22,700 companies disclosed through CDP in 2024