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ARTICLE · 28 OCTOBER 2022

Issue 11: October 26, 2022

Steptoe LLP
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On October 19, 2022, attorneys general from 14 US states sent investigative demands to six large banks, requesting information about their involvement in global climate-based initiatives,

United StatesCorporate/Commercial Law
Steptoe LLP
Steptoe LLP

Investigations

On October 19, 2022, attorneys general from 14 US states sent investigative demands to six large banks, requesting information about their involvement in global climate-based initiatives, including the Glasgow Financial Alliance for Net Zero and the Net-Zero Banking Alliance, and any targets or target-setting guidelines. The investigation is led by Missouri Attorney General Eric Schmitt. Schmitt and other attorneys general claim the banks' climate strategies are an attempt to prevent fossil fuel companies from accessing financial services.

Regulation & Investigations

Regulatory action on greenwashing continues apace, with UK regulator the Advertising Standards Authority ruling that HSBC's poster adverts on financing the transition to a low carbon economy were misleading. While the claims (concerning USD 1 trillion investment, and planting 2 million trees) were based on evidence, the adverts were held to omit significant information about HSBC's

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