Attorney General Miyares joins 19 state coalition in launching investigation into six major banks over ESG investing

On October 19, 2022, Attorney General Jason Miyares announced that members of a multistate coalition, including 19 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 (NZBA).

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 is leading the investigation, with Arizona, Kentucky, and Texas also serving as leadership states on this investigation.

“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. Virginians are not subject to UN 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,” said Attorney General Miyares.

In addition to, Virginia, Arizona, Arkansas, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Montana, Nebraska, Oklahoma, Tennessee, and Texas have joined the Missouri-led investigation into the six banks. Five other states have joined but can’t be named due to state laws or regulations regarding confidentiality.