Nineteen Republican attorneys general announced an investigation into six Wall Street firms regarding their involvement with the United Nations Net-Zero Banking Alliance.
The nineteen attorneys general served Bank of America, Citigroup, Goldman Sachs, JP Morgan Chase, Morgan Stanley, and Wells Fargo with civil investigative demands, which reportedly act as a subpoena, asking for documents relating to the companies’ involvement with the United Nations (UN) Net-Zero Banking Alliance.
Members of the Net-Zero Banking Alliance must set emission reduction targets in their lending and investment portfolios to reach net zero by 2050.
Kentucky Attorney General Daniel Cameron, Arizona Attorney General Mark Brnovich, and Missouri Attorney General Eric Schmitt have led the effort to investigate these financial conglomerates.
Schmitt said in a statement on Monday:
The Net-Zero Banking Alliance is a massive worldwide agreement by major banking institutions, overseen by the U.N., to starve companies engaged in fossil fuel-related activities of credit on national and international markets. Missouri farmers, oil leasing companies, and other businesses that are vital to Missouri’s and America’s economy will be unable to get a loan because of this alliance. We are leading a coalition investigating banks for ceding authority to the U.N., which will only result in the killing of American companies that don’t subscribe to the woke, climate agenda. These banks are accountable to American laws – we don’t let international bodies set the standards for our businesses.
Missouri, Arizona, Arkansas, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Montana, Nebraska, Oklahoma, Tennessee, Texas, and Virginia, and five other states serve as the coalition states involved in the investigation into the Wall Street firms’ involvement in the UN green energy alliance.
Will Hild, the executive director of Consumers’ Research, said in a statement on Wednesday:
With today’s action led by Missouri Attorney General Schmitt, states are holding big banks accountable for obvious violations and for peddling highly questionable climate initiatives under the label of ESG — all part of a coordinated effort to handicap American energy at the expense of U.S. consumers. These banks cannot be allowed to continue to promote a progressive agenda that prioritizes political activism over delivering for their hardworking American customers. Consumers’ Research applauds these Attorneys General for taking action and making a real difference at a time when Americans need it most.
This investigation serves as the latest action for Republicans to combat Environmental, Social, and Governance (ESG) investment.
Missouri State Treasurer Scott Fitzpatrick divested Missouri State Employees’ Retirement System (MOSERS) from BlackRock, amounting to a $500 million withdrawal from the world’s largest asset manager.
BlackRock CEO Larry Fink has been a leading proponent of ESG.
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