General Brnovich Joins Investigation into Six Major Banks Over ESG Investing

PHOENIX – Arizona Attorney General Mark Brnovich announced today that his office (AGO) and 18 other attorneys general have served six major American banks with civil investigative demands, which act as a subpoena. The banks under investigation include Bank of America, Citigroup, Goldman Sachs, JP Morgan Chase, Morgan Stanley, and Wells Fargo.

“American banks should never put political agendas ahead of the secure retirement of their clients,” said Attorney General Mark Brnovich. "These financial institutions are entrusted with protecting a different type of green.”

The states are asking for documents related to the companies’ involvement with the United Nations’ (UN) Net-Zero Banking Alliance (NZBA). NZBA-member banks must set emissions reduction targets in their lending and investment portfolios to reach net zero by 2050. 

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.  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.
This comes as General Brnovich has taken the lead in fighting environmental, social, and governance-related (ESG) practices.