Missouri leads investigation into six major banks over ESG investing
By Ty Albright •
Published
• Updated
JEFFERSON CITY, Mo. – Missouri Attorney General Eric Schmitt announced today that his office and 18 other attorneys general have served six major American banks with civil investigative demands, which act as a subpoena, asking for documents relating to the companies’ involvement with the United Nations’ (UN) Net-Zero Banking Alliance.
The banks under investigation include Bank of America, Citigroup, Goldman Sachs, JP Morgan Chase, Morgan Stanley, and Wells Fargo. NZBA-member banks must set emissions reduction targets in their lending and investment portfolios to reach net zero by 2050. Missouri, Arizona, Kentucky, and Texas are leadership states on this investigation.
“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 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,” said Attorney General Schmitt. “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. These banks are accountable to American laws - we don’t let international bodies set the standards for our businesses.”
Some of the interrogatories within the civil investigative demands include:
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The Missouri Attorney General’s Office has been a national leader in the fight against ESG (environmental, social, governance) investing and banking practices. In late July, the Office sent civil investigative demands to Morningstar and Sustainalytics, both containing 43 interrogatories for documents pertaining to Morningstar’s perceived anti-Israel bias in ESG ratings products like Sustainalytics’ “Human Rights Radar,” as well as documents relating to previous investigations into this bias by the law firm White & Case and the Illinois Investment Policy Board. Eighteen other attorneys general joined that investigation in August.
In addition to Missouri, Arizona, Arkansas, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Montana, Nebraska, Oklahoma, Tennessee, Texas, and Virginia have joined the investigation into to the six banks. Five other states have joined, but can’t be named due to state laws or regulations regarding confidentiality.
More information will be made available as the investigation continues.
