Today: Jun 23, 2024

GOP ag commissioners probe US banks over ESG: Stop this now

1 min read

TLDR:

  • A group of 12 Republican state agriculture commissioners have launched a probe into six major US banks over their net-zero ambitions and participation in the Net-Zero Banking Alliance (NZBA).
  • The state officials warn that the banks’ involvement in the global eco alliance could impact food availability, lead to price increases, limit credit access for farmers, and have negative economic consequences.
  • They argue that the net-zero commitments made by the banks under the NZBA’s framework may force farmers to switch to less efficient electric farm equipment, cut meat consumption, and make costly changes to farming operations.

A group of 12 Republican state agriculture commissioners have launched an investigation into six major US banks over their net-zero ambitions and their participation in the Net-Zero Banking Alliance (NZBA). In a letter, the state officials warned that the banks’ involvement in the global eco alliance could impact food availability, lead to price increases, limit credit access for farmers, and have negative economic consequences. They argue that the net-zero commitments made by the banks under the NZBA’s framework may force farmers to switch to less efficient electric farm equipment, cut meat consumption, and make costly changes to farming operations. The officials have requested information from the banks regarding their involvement in the NZBA and their net-zero goals. The banks targeted in the investigation are Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo. The investigation marks a new front in the pushback against woke investing, which has primarily been led by state attorneys general and financial officers.