SEC drops Climate Action 100+ antitrust probe amid rising global climate litigation

The U.S. Securities and Exchange Commission (SEC) has decided not to pursue enforcement action following an antitrust investigation into Climate Action 100+. While the agency is dropping the investigation, it issued a report expressing “serious concerns” regarding the conduct of Climate Action 100+ members and warning that future participation in similar climate pacts may violate antitrust laws.

Concurrently, climate-related legal action is expanding globally. International legal bodies, including the International Court of Justice and the International Tribunal for the Law of the Sea, have established new legal standards regarding state obligations to address climate change. These developments are being utilized in domestic courts to target both governments and corporations.

In a notable recent ruling, a Paris court ordered TotalEnergies to incorporate emissions from the use of its products into its corporate vigilance plan, citing advisory opinions from the International Court of Justice. This reflects a growing trend of legal activists and younger generations using judicial systems to enforce emissions reductions.