The American Council for Capital Formation (ACCF) has been a leading opponent of responsible investment initiatives, while receiving funding from numerous companies in the oil and gas industry. They have also repeatedly served as a mouthpiece for their fossil fuel industry donors by advocating against environmental policies such as the renewable fuel standard, carbon taxes, and increased regulations on polluters.
Misleading Campaigns. In 2018, ACCF partnered with the National Association of Manufacturers in launching a multi-million dollar campaign to limit investment bank influence on ESG shareholder resolutions. ACCF has repeatedly shilled for the oil & gas industry. They have advocated against taxing carbon, for getting rid of the Renewable Fuel Standard, and have criticized taxes and regulations on the fossil fuel industry.
Coordinated Action. A 2016 Annual Report for ACCF listed numerous fossil fuel trade associations as Association Council Members including: American Exploration and Production Council, American Fuel and Petrochemical Manufacturers, American Gas Association, American Petroleum Institute, Center for Liquefied Natural Gas, and Energy Equipment and Infrastructure Alliance. That same 2016 Annual Report also listed numerous oil and fossil fuel companies as sponsors including: Cheniere Energy, Chevron, ConocoPhillips, Exelon, ExxonMobil, Golden Pass Products LLC, Halliburton, Independent Petroleum Association of America, and Occidental Petroleum.
Polluter Funding. Unsurprisingly, the ACCF has received at least $3 million in funding from oil interests. They have taken over $1.8 million from ExxonMobil, including $1.78 million from 1998-2020 and $25,000-$49,999 in 2021. ACCF has also taken over $550,000 from The American Petroleum Institute since 2015, according to tax records filed with the IRS. They also have received $600,000 from the foundations of Charles Koch, the owner of the dirty energy conglomerate Koch Industries.
Fact: 79% of Americans believe that corporations have an obligation to address climate change and 82% of Americans believe that corporations have a responsibility to reduce and offset carbon emissions.