USA- Fox Business reports that a coalition of some nineteen states have launched a probe into six large U.S.-based banks seeking information about their involvement in a United Nations scheme called the “Net-Zero Banking Alliance,” a plan which those states say is “killing” American companies.
Led by Missouri’s superstar attorney general Eric Schmitt, those states stand in stark opposition to the U.N.’s ESG (environmental, social, governance) policies which is part of a plot by the organization to basically trick companies into green new deal policies which require those banks to set carbon dioxide emission reduction targets in their lending and investment portfolios, Fox Business said. The goal is for those companies to reach net-zero emissions by the year 2050.
A number of America’s largest banks, investment fund managers such as BlackRock and big tech companies such as Microsoft have pledged to use those ESG scores in order to kowtow to far-left goals, in particular those surrounding climate change which have been pushed by the Biden administration.
Earlier in October, Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo were served by those states with civil investigative demands, which in essence act as subpoenas in order to obtain the requested information.
Those demands require those banks to identify which Global Climate Initiatives each is affiliated with, which groups or divisions within the banks are responsible for ESG implementation, and to what extent the CEOs of those banks have been involved, along with other bank officials.
“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,” Schmitt told Fox Business.
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.”
One of the AGs, who wasn’t identified in a piece in The Epoch Times, warned that the banks “appear to be colluding with the U.N. to destroy American companies” while undermining the country’s best interests.
Yet another unidentified AG claims the U.N.-inspired banking policies are resulting in jobs being shipped overseas to communist China, despite the fact the communist regime continues to build coal-fired power plants in order to ensure low cost reliable energy.
The nineteen attorneys general, primarily from Republican-controlled states, allege these banks are ceding policymaking influence to the radical, far left United Nations which never acts in the best interests of the United States.
All of this aligns with the Great Reset, which seeks to transform the world economy away from traditional energy sources.
Those goals are outlined in the U.N. Paris Agreement on climate change, which former President Trump pulled the United States out of. Pretty much on day one, Joe Biden got our country back into it.
The AGs warn these policies will have the effect of starving key industries—in particular, those in the energy and agriculture sector—of vitally needed credit, both of which are vital to the prosperity, and we might argue the national security of our country.
Montana Attorney General Austin Knudsen slammed those pushing adoption of ESG policies.
“We got involved in this investigation because this is another attempt by the liberal woke left to shove their ideas down our throats, and since they can’t change the laws using the political process, they want to do it by weaponizing business,” Knudsen said.
“They are doing this out of some misplaced desire to advance their liberal agenda,” Truth Press reported Knudsen as saying, quoting The Epoch Times.
However, Knudsen and the other state law enforcement officials believe the whole scheme may be illegal
“This seems to run afoul of our consumer protection laws that I’m in charge of enforcing, Knudsen said in a phone interview with The Epoch Times.
He noted that his office and elected officials have seen themselves under growing pressure from constituents to address the issue as well as any possible legal violations.
“It gets cold here in Montana,” Knudsen continued. “We need a robust energy sector to keep our homes warm—and we certainly can’t do that using wind and solar.”
The primary target of the AGs has been BlackRock, which has a little too much power for anyone’s comfort. Knudsen believes this latest scheme is just a continuation of that same issue—powerful banking and financial interests who seek to impose their will on the American people.
“You have corporate banking and the investment industry trying to flex their muscle and pressure businesses into a political direction and political action,” he said. “But that’s not their function. Their job is to provide credit and earn profit for shareholders.”
“This is a continuation of the woke ESG garbage that we’re having to deal wit more and more,” the Montana AG continued.
Meanwhile, Oklahoma Attorney General John O’Connor related the reason his office joined in on the probe, citing two many primary reasons:
“America is not run by the U.N.,” he said, as well as the fact “these banks are attacking Oklahoma fossil fuel producers and consumers as well as Oklahoma jobs.
“The Net-Zero Banking Alliance, overseen by the U.N., will destroy companies that are engaged in fossil fuel-related activities or depend on them for energy or these lenders for capital,” O’Connor explained in an emailed statement to The Epoch Times. “It is unacceptable that these banks are pushing an investment strategy designed to impose a leftist social and economic agenda.”
Indiana Attorney General Todd Rokita meanwhile alleges there is an “apparent conspiracy” between the United Nations and the banks being investigated.
“These banks appear to be colluding with the U.N. to destroy American companies that specialize in fossil fuels or otherwise depend on them for energy,” Rokita said. “They are pushing an investment strategy designed not to maximize financial returns, but to impose a leftist social and economic agenda that cannot otherwise be implemented through the ballot box.”
Rokita vowed he would protect the interests of Indiana residents and businesses.
“This new woke-ism in the financial sector poses a real threat to everyday Hoosiers,” he said.
“Indiana’s farmers, truck drivers, and fuel-industry workers are hurt when the radical Let attacks whole segments of our economy. And it’s troubling that these banks in the Net Zero Banking Alliance are taking marching orders from U.N. globalists all-too eager to undermine America’s best interests.”
Other states included in the alliance are Texas, Arizona, Arkansas, Kansas, Kentucky, Louisiana, Mississippi, Nebraska, Tennessee and Virginia. Five other states have also joined the alliance, but due to state confidentiality laws cannot be named.
BlackRock was put on notice this past August by a similar coalition of state AGs, who warned the company’s CEO Larry Fink, a board member of the far-left World Economic Forum and the Council on Foreign Relations that his company’s policies may in fact be illegal.
“Our states will not idly stand for our pensioners’ retirements to be sacrificed for BlackRock’s climate agenda,” they warned, noting several possible legal violations involving the firm’s ESG investing.
While not named in the suit, Florida’s superstar governor Ron DeSantis is among a number of Republican leaders seeking to rein in woke banking policies. He has pressed Florida lawmakers to pass legislation next year to get a handle on ESG policies.
The Heritage Foundation, a conservative think tank has launched a campaign against ESG policies which it claims are being used by the radical left as a “social credit score” (much as used in communist China) to force businesses and financial institutions to adopt progressive (read left-wing) ideologies around the world.
The Epoch Times reached out to the financial institutions named in the lawsuit, however no response was received except Citi, which said the bank would decline to comment at this time.
The attorneys general said more information will be forthcoming as the investigations continue.
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