The war between states and banks over environmental, social, and governance (ESG) investing and similar practices has reached the doorstep of the United Nations–19 state attorneys general have launched investigations of major financial institutions’ commitment to the U.N.-convened “Net-Zero Banking Alliance.”
The alliance’s website states that its members control roughly 40 percent of the world’s banking assets and are “committed to aligning their lending and investment portfolios with net-zero emissions by 2050.”
“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,” said Missouri Attorney General Eric Schmitt in a press release on the investigations….