Attorney General Jason Miyares said he’s joining 18 other attorneys general led in an investigation into several major banks for their involvement in the United Nations Net-Zero Banking Alliance (NZBA).
“The U.N’s Net-Zero Banking Alliance, which includes American companies, punishes Virginia farmers and Virginia companies that deal with fossil fuel-related activities,” Miyares said in a press release. “Virginians are not subject to U.N. business standards. That’s why I’ve joined a coalition of attorney generals investigating six major American banks for ceding authority to a foreign body.”
“The industry-led, UN-convened Net-Zero Banking Alliance brings together a global group of banks, currently representing about 40 percent of global banking assets, which are committed to aligning their lending and investment portfolios with net-zero emissions by 2050. Combining near-term action with accountability, this ambitious commitment sees signatory banks setting intermediate targets for 2030 or sooner using robust, science-based guidelines,” states the U.N. Environment Programme Finance Initiative site.
Bank CEOs sign a commitment statement as a prerequisite for the bank to join the NZBA. As part of the commitment banks set targets for 2030 focused on the most greenhouse gas-intensive sectors of their portfolios, with additional longer-term targets. Banks must publish annual emissions data and progress on their transition to net-zero portfolios by 2050. That also includes the use of carbon offsets to hit net-zero targets.
“Why are banks engaged in the emissions reduction efforts of their clients,” a NZBA FAQ asks. “Reducing greenhouse gas emissions is a critical issue, which will require collective action across public and private sectors. Financial institutions have an important role to play, including in the measurement, disclosure and reduction of their Scope 3 emissions.”
“Scope 3 emissions are the result of activities from assets not owned or controlled by the reporting organization, but that the organization indirectly impacts in its value chain,” the U.S. Environmental Protection Agency explains.
Missouri Attorney General Eric Schmitt announced that the coalition of attorneys general is demanding documents related to banks’ involvement with the NZBA from six major banks: Bank of America, Citigroup, Goldman Sachs, JP Morgan Chase, Morgan Stanley, and Wells Fargo. Among the 19 states supporting the investigation are Arizona, Arkansas, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, Oklahoma, Tennessee, Texas, Virginia — all states with Republican attorneys general. Miyares’ release says five other participating states can’t be named due to state laws or regulations.
“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,” Schmitt said.
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Eric Burk is a reporter at The Virginia Star and The Star News Network. Email tips to [email protected].
Photo “Jason Miyares” by Jason Miyares.Â
