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AGs Investigating U.S. Banks For Using ESG To ‘Starve’ Companies Of Capital

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Led by Missouri Attorney General Eric Schmitt, 19 state attorneys general announced an investigation of six major banks on Wednesday, probing their involvement with a U.N. alliance dedicated to advancing the ESG (environmental, social, and governance) agenda. [bold, links added]

The investigative demands were served to Citigroup, Bank of America, JP Morgan Chase, Goldman Sachs, Morgan Stanley, and Wells Fargo by the attorneys general of Missouri, Arizona, Arkansas, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Montana, Nebraska, Oklahoma, Tennessee, Texas, and Virginia.

The AGs look to learn more about the banks’ involvement with the U.N.’s “Net-Zero Banking Alliance”, which has adopted ESG’s radical climate agenda with the stated goal of “aligning their lending and investment portfolios with net-zero emissions” by the year 2050.

At present, the UN’s ESG bank alliance represents some 40 percent of the world’s banking assets.

The alliance claims it “reinforces, accelerates, and supports the implementation of decarbonization strategies” — i.e., the eradication of fossil fuels — and notes the “vital role of banks in supporting the global transition of the real economy to net-zero emissions.

“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 Attorney General Eric Schmitt explained.

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,” he added of the nefarious impact of ESG adoption and implementation.

“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,” General Schmitt declared.

“These banks are accountable to American laws – we don’t let international bodies set the standards for our businesses.

Among the interrogatories posed by the state attorneys general are:

  • Identify each Global Climate Initiative with which You are affiliated and explain the reasons You chose to join such Global Climate Initiatives.
  • For each Global Climate Initiative with which you are affiliated, identify who made the decision to join the Initiative, including any involvement or input from Your Board of Directors, investors, or Covered Companies in Your reasoning or decision.
  • Describe Your involvement in each Global Climate Initiative in which You participate, including the date You first began participating, any promises, pledges, or other commitments You made to the Global Climate Initiative, or any actions You made or took pursuant to, or consistent with, such commitments, or Your initial or on-going participation, and the employee(s) responsible for managing Your relationship with each Global Climate Initiative.
  • Identify the objectives and mission of the Net-Zero Banking Alliance and describe how You incorporated these objectives into Your operations.
  • Describe the extent to which You have incorporated the Principles for Responsible Banking into Your operations, including but not limited to the extent to which You consulted with other Net-Zero Banking Alliance signatories as part of the incorporation process.
  • Describe the extent to which You, as a signatory to the Net-Zero Banking Alliance, have acted consistent with Your commitment to “facilitat[e] the necessary transition in the real economy through prioritizing client engagement and offering products and services to support clients’ transition.”
  • Describe the extent to which You, as a signatory to the Net-Zero Banking Alliance, have acted consistent with Your commitment to “engag[e] on corporate and industry (financial and real economy) action, as well as public policies, to help support a net-zero transition of economic sectors in line with science and giving consideration to associated social impacts.”

General Schmitt’s office pledged Wednesday that “more information will be made available as the investigation continues.”

Read more at Townhall

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