Nineteen state attorneys general launched an investigation on Wednesday morning into six major banks and their involvement with the environment, social, and governance investing movement, also known as ESG.
Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo were served with civil investigative demands requesting information related to the institutions’ involvement with Net-Zero Banking Alliance, a project of the United Nations 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 Net-Zero Banking Alliance is a massive worldwide agreement by major banking institutions, overseen by the UN, to starve companies engaged in fossil fuel-related activities of credit on national and international markets,” Missouri State Attorney General Eric Schmitt said in a statement provided to The Daily Wire, arguing that oil companies and farmers are particularly exposed to risk from the agenda.
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. (Read more from “Conservative Attorneys General Investigate Six Major Banks for Wokeness” HERE)
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