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ARTICLE · 02 NOVEMBER 2022

State Attorneys General Take Aim At Banks With Net-Zero Pledges

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On October 19, 2022, 19 Republican state attorneys general (the AGs) launched a coordinated investigation by issuing civil investigative demands (CIDs) to six major US banks.

United StatesFinance and Banking
Robert Azarow
Robert Azarow
Ellen Fleishhacker
Ellen Fleishhacker
Brian Israel
Brian Israel
Teresa Johnson
Teresa Johnson
Michael Mancusi
Michael Mancusi
Kevin Toomey
Kevin Toomey
Erik Walsh
Erik Walsh
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On October 19, 2022, 19 Republican state attorneys general (the AGs) launched a coordinated investigation by issuing civil investigative demands (CIDs) to six major US banks. The CIDs seek information related to the banks' membership in the United Nations' Net-Zero Banking Alliance (NZBA) and other climate-related initiatives. The NZBA is an alliance of 120 banks from 41 countries representing 39% of global banking assets. According to the NZBA commitment statement, member banks commit to transitioning their own operational greenhouse gas (GHG) emissions and GHG emissions attributable to their lending and investment portfolios to align with pathways to net zero by 2050 or earlier, as well as interim reduction targets by 2030. According to several AGs leading the investigation, the NZBA is a "massive worldwide agreement" among member banks who "must" set GHG emission reduction targets in their lending and investment portfolios to reach net zero emissions by 2050. The

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