The oil industry-funded Manhattan Institute has been a vocal critic of responsible investment initiatives. In 2023, their Senior Fellow James Copland joined a lawsuit with an oil company and an oil trade group against the Biden administration’s regulation allowing responsible investment considerations in retirement plans. The Manhattan Institute has also been involved in climate science denial–releasing a misleading report questioning human contributions to climate change.
Extreme Leaders. In 2023, Manhattan Institute Senior Fellow James Copland joined forces with 25 Republican Attorneys General, oilfield service provider Liberty Energy, and oil trade group Western Energy Alliance in suing the Department of Labor for the Biden administration regulation allowing ESG considerations in retirement plans. That same year, Copland also testified in front of Congress against responsible investing saying it turns businesses into “political platforms.” In 2022, Copland sent a letter to SEC Chairman Gary Gensler against the proposed climate disclosure rule saying it “had its roots in pressure from elite asset managers who wish to manipulate the capital market system to force companies to align their behavior with the political preference of elites.”
Misleading Campaigns. The Manhattan Institute’s opposition to responsible investing may stem from the fact that it has received millions in funding from fossil fuel interests and has a history of climate science denialism. They issued a report called “Energy and Environment Myths and Facts” that said that it was “unclear” to what degree human-induced greenhouse gases were responsible for global warming. This report also stated that “accounts of climate change convey a sense of certitude that is probably unjustified.” The Manhattan Institute report later warned, “Be wary of taking extreme steps to deal with global warming based on an incomplete understanding of the role of humans in affecting climate change.”
Polluter Funding. The Manhattan Institute has received at least $5 million in funding from oil and gas interests. This includes nearly $3.8 million from the foundations of the Koch family, the owners of the dirty energy conglomerate Koch Industries, including $3.23 million from 1986-2017 and $566,032 from 2018-2021 according to Charles Koch Foundation and Charles Koch Institute tax forms. The Manhattan Institute has also received $1,415,000 in funding from oil giant ExxonMobil since 1998.
Fact: Anti-responsible investment policies hurt retirees. According to a Director at the conservative CATO Institute, “Pension funds in some states have objected to such anti‐ESG measures as inconsistent with their fiduciary responsibilities. And pension funds in other states have estimated losses under anti‐ESG provisions, including $3.6 billion in Kansas, $6.7 billion in Indiana, and $6 billion in Texas over a 10‐year period.”