A group of Republican state agriculture committees recently launched an investigation into six large U.S. banks over their membership in and commitment to the United Nations’ environmental, social and governance goals. fox business It was reported on Monday.
The coalition, made up of 12 Republican state agriculture commissioners from Alabama, Florida, Georgia, Iowa, Kentucky, Louisiana, Mississippi, North Carolina, North Dakota, South Carolina, Texas and West Virginia, on Monday addressed top executives signed the letter. America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Wells Fargo.
Officials are seeking additional information about the bank’s membership. United Nations Net Zero Banking AllianceThe alliance is a global group of institutions “committed to financing ambitious climate action.” Member banks are encouraged to achieve net zero targets by 2030.
According to the United Nations Website142 banks from 44 countries are members of the NZBA, representing 41% of global banking assets.
A report released by the NZBA last month found banks targeting the fossil fuel industry, real estate, steel and cement manufacturing, Fox Business reported.
Agriculture officials warned that bank membership could reduce food availability, raise food prices for consumers and limit credit access for farmers. The officials’ letter expressed concern about the UN’s promotion of “inefficient electric agricultural equipment” and a move away from nitrogen fertilizers.
Georgia Agriculture Commissioner Tyler Harper told FOX Business: “America’s agriculture is sending a clear signal: The United Nations’ failed leftist climate is crippling one of our nation’s most important industries. We will not succumb to the change plan.”
“Now more than ever, the banks that do business with America should definitely support American industry. And that starts with the industries that put food on our tables, clothes on our backs, and shelter over our heads.” Harper added. “The United Nations Net Zero Banking Alliance amounts to a bank run on our agricultural industry, poses a serious threat to our national security, and must be stopped.”
Achieving the UN’s goals requires a “complete overhaul of farm infrastructure,” the letter said.
“This will have a devastating impact on our nation’s farmers. The proposed net zero roadmap includes switching to electrical machinery and equipment, installing on-site solar panels and wind turbines, Dramatic, impractical, and costly changes to U.S. farming and ranching are described, including switching to machinery and equipment, reducing power supplies, transitioning to organic fertilizers, and changing rice field irrigation systems. “The changes cut U.S. ruminant meat consumption in half and cost millions of livestock jobs,” the officials wrote.
“Even worse, these changes will raise food costs and reduce food production at a time when global food demand is expected to increase dramatically,” the letter continued. “The situation is made worse by the fact that average Americans have struggled to keep up with inflation during the Biden administration. The reality could be even worse. These impacts will hit the poor hardest. He will give.”
Officials warned that net-zero efforts could “permanently damage U.S. agriculture and jeopardize our nation’s food security.”
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