The Grind:
Nineteen Republican-led states are launching an investigation into six large U.S. banks that will examine their involvement in the United Nations’ “Net-Zero Banking Alliance,” which they say is “killing” American companies.
The states, led by Missouri Attorney General Eric Schmitt, oppose the UN’s environmental, social, governance (ESG) policies that require banks in the alliance to set carbon dioxide emission reduction targets in their lending and investment portfolios, and reach net-zero emissions by 2050.
The Details:
Many of America’s largest banks, investment managers like BlackRock and Big Tech companies such as Microsoft have pledged to use ESG scores to help transform society to remain in line with numerous left-wing goals, including those of the Biden administration, especially those related to climate change.
Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo were served Wednesday by the states with civil investigative demands, which acts as a subpoena, for the requested information.
These civil investigative demands include identifying which Global Climate Initiatives each bank is affiliated with, which groups or divisions within the banks are responsible for ESG implementation, and to what extent the banks’ CEOs have been involved, among others. Read more…