Arizona Attorney General Stops State’s Probe Into ESG Banking Practices

Kris Mayes, Arizona Attorney-General, stated that the state would not engage in any further investigation of banks and financial institutions located in the United States for engaging in Environmental, Social, and Justice activities (ESG) lending and investment practices.

Mayes, a Democrat accused Mark Brnovich, her Republican predecessor, of launching the project in a February 13 statement “politicized investigations” Incorporate the environment sustainability policies of major financial institutions and lending institutions.

“While my predecessor’s administration spent time and resources launching politicized investigations into the environmental sustainability efforts of major financial institutions, my administration is committed to using the tools and resources at our disposal to protect and secure the rights of Arizonans on matters that affect their daily lives,” Mayes spoke out in one her first major decisions since January.

“Arizonans can expect my office to be laser-focused on issues like protecting Arizona’s natural resources—including water, combatting fraud and scams, and safeguarding vulnerable groups like seniors and children.”

Mayes stated that she does not believe the government should interfere in investment decisions made by customers and corporations in green technology and practices. “improve their governance processes.”

“Corporations should be permitted to access capital markets in ways that they feel are necessary for the advancement of their investor objectives and for society, as long as they are doing so in a lawful manner,” Mayes said.

“Corporations are increasingly realizing that sustainability investments are good for the country, the environment, public health, and their bottom line.

“The state of Arizona is not going to stand in the way of corporations’ efforts to move in the right direction.”

Brnovich argued that ESG practices by lending companies were putting climate change politics ahead for their customers while he was in office.

In October, he served with 18 other attorneys general six large banks. “civil investigative demands,” Or a subpoena in respect to ESG practices.

Six Major Banks

Citigroup was one of the banks. Bank of America, Goldman Sachs JP Morgan Chase Morgan Stanley, Wells Fargo and Morgan Stanley

“American banks should never put political agendas ahead of the secure retirement of their clients,” Brnovich said this in the Oct. 19 correspondence.

“These financial institutions are entrusted with protecting a different type of green.”

These companies have a set carbon emission reduction targets in their investment and lending portfolios to reach net zero by 2050, which is in line with the United Nations Net-Zero Banking Alliance’s (UNBA) climate change initiative. Brnovich said.

“NZBA is an agreement between major banking institutions to support the climate agenda by choosing not to work with companies engaged in fossil fuel-related activities,” He stated.

“This means some farmers, oil leasing companies, and other businesses will be unable to get a loan because of the alliance. The states want the banks to identify global climate initiatives they are affiliated with and explain why.”

UNBA is described as a partnership between major financial institutions to support the global agenda on climate change through selective lending practices that depend on whether fossil fuels are used by companies.

“My office is committed to fair business practices and competition. We will take action to ensure companies are not operating in the shadows to move a political or woke agenda,” Brnovich stated in a statement dated November 17, 2021.

The Epoch Times asked Bank of America and Citigroup for comments but did not receive any response.

*As an Amazon Associate I earn from qualifying purchases