19 States to Investigate Banks for ESG-Style Commitment to UN Alliance

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The war between states and banks over environmental, social, and governance (ESG) investing and similar practices has reached the doorstep of the U.N. A total of 19 state attorneys general have launched investigations of major financial institutionsโ€™ commitment to the U.N.-convened Net-Zero Banking Alliance.

The allianceโ€™s website states that its members control roughly 40 percent of the worldโ€™s banking assets and are โ€œcommitted to aligning their lending and investment portfolios with net-zero emissions by 2050.โ€

โ€œThe 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,โ€ Missouri Attorney General Eric Schmitt said in a statement regarding the investigations.

A May statement from the alliance states that it โ€œdoes not support the financing of fossil fuel expansionโ€ but notes that it โ€œbelieves that immediate divestment from existing fossil fuel positions will not necessarily bring about the required real economy decarbonization that the world needs.โ€

โ€œWe are leading a coalition investigating banks for ceding authority to the U.N., which will only result in the killing of American companies that donโ€™t subscribe to the woke climate agenda. These banks are accountable to American lawsโ€“we donโ€™t let international bodies set the standards for our businesses,โ€ Schmitt said.

Arizona, Arkansas, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Montana, Nebraska, Oklahoma, Tennessee, Texas, and Virginia are among the states now investigating the banks through a powerful tool known as a civil investigative demand.

One demand encompasses the following requests: โ€œDescribe 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.โ€

By Nathan Worcester

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