Missouri Attorney General Eric Schmitt has joined 18 other state attorneys general to investigate six major banks involved with the environment, social and governance investing movement. Kansas is also one of the states in the group.
“The Net-Zero Banking Alliance is a massive worldwide agreement by major banking institutions, overseen by the United Nations, to starve companies engaged in fossil fuel-related activities of credit on national and international markets,” he said.
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Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo this week were served with civil investigative demands requesting information related to the institutions’ involvement with Net-Zero Banking Alliance, which seeks to unify bank portfolios toward the goal of eliminating carbon emissions by 2050. The officials contend that such objectives place the economic wellbeing of their constituents at risk.
The attorneys general requested that the financial institutions provide a list of divisions, groups, offices or business segments with operations related to the Net-Zero Banking Alliance and a description of how emissions goals are incorporated into operations, as well as a list of other global climate initiatives with which the institutions are affiliated.
JPMorgan Chase, the largest bank in the United States, has devoted more than $2.5 trillion over the course of the next decade to “advance long-term solutions that address climate change and contribute to sustainable development” in accordance with meeting worldwide emissions goals by 2050. Goldman Sachs likewise vows to “accelerate the transition to a low-carbon economy” and has prioritized sustainability across its business units.
“We are leading a coalition investigating banks for ceding authority to the United Nations, which will only result in the killing of American companies that don’t subscribe to the woke climate agenda,” Schmitt said. “These banks are accountable to American laws — we don’t let international bodies set the standards for our businesses.”
Missouri and other conservative states already have divested from entities supporting ESG, arguing that the philosophy conflicts with fiduciary duties by the mingling of profitability with social activism.
–Alan Goforth | Metro Voice News
