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FIRST ON FOX: A gaggle of 10 House Republicans is probing a few of the nation’s largest banks over their involvement in a global alliance that seeks to pursue a inexperienced transition which will drastically affect the agriculture sector.
The Republican lawmakers, led by Rep. Mary Miller of Illinois, penned a letter on Wednesday morning to high executives of Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo, warning about their membership within the so-called Net-Zero Banking Alliance (NZBA). They stated the NZBA’s coordinated actions may very well be significantly detrimental to American farmers.
“At a time when global demand for food is rising and wars continue to affect the global supply of food and agriculture inputs, we cannot sacrifice our nation’s food security to the demands of the far-left climate agenda,” they wrote to the banks. “We urge you to trust American farmers to do what is best for their land to produce the food, fuel, and fiber on which our country and world rely.”
“Our nation’s farmers should not be subjected to the political demands of an unelected international organization,” they added. “Since the 1940s, American farmers, ranchers, and foresters have increased agriculture outputs nearly threefold with little to no change in inputs; this is a significant achievement in on-farm productivity and efficiency. We should focus on policies that foster the continued responsible growth of the American agriculture industry, not policies that will shutter it.”
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Rep. Mary Miller, R-Ill., speaks throughout a information convention on the U.S. Capitol in Washington, D.C., on June 15, 2021. (Sarah Silbiger/Bloomberg by way of Getty Images)
Miller and the opposite Republicans additionally said their assist for a letter 12 GOP state agriculture commissioners despatched late final month to the six banks, equally expressing concern about their NZBA involvement. The state officers, led by Georgia Agriculture Commissioner Tyler Harper, stated American farmers “should not be forced to put our food supply at risk.”
According to that letter, the banks’ net-zero commitments made underneath the NZBA’s framework could have extreme penalties for farmers, equivalent to slicing beef and livestock consumption, forcing a swap to “inefficient electric farm equipment,” and transferring away from the nitrogen fertilizer “necessary for American agriculture to thrive.” Overall, NZBA’s actions may enhance prices and reduce meals manufacturing, the letter stated.
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“Net zero banking is just another attempt for the far left to push their green bad deal on the American people,” Miller advised Fox News Digital in a press release. “ESG policies will only hurt us and jeopardize our food security.”
An aerial view reveals sprinklers watering a lettuce subject in Holtville, California, on Feb. 9, 2023. (SANDY HUFFAKER/AFP by way of Getty Images)
According to the United Nations, which organized the formation of the NZBA, the alliance is a world group of economic establishments “committed to financing ambitious climate action” to transition the economic system to net-zero greenhouse fuel emissions by 2050. The NZBA’s framework encourages its member banks to moreover “design, set, and achieve” science-based, net-zero targets for 2030 or sooner.
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The alliance issued a progress report throughout the latest U.N. climate summit in Dubai, highlighting how two-thirds of its rising membership pool had made aggressive inexperienced power commitments. The report additional famous that member banks are more and more concentrating on the facility sector; the fossil gasoline business; iron, metal and cement manufacturing; and actual property.
JPMorgan Chase CEO Jamie Dimon, left, and BlackRock CEO Larry Fink, proper. JPMorgan Chase departed and BlackRock scaled down participation within the Climate Action 100+ investor group final week amid stress from Republicans. (Getty Images)
The Republicans’ letter, in the meantime, comes every week after JPMorgan Chase, State Street Global Advisors and BlackRock exited or scaled down involvement within the Climate Action 100+ investor group, one other U.N.-organized alliance of banks in search of to battle climate change.
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“This is great news because you’re supposed to make investment decisions based on just good common business sense, your fiduciary responsibility to your investors, not based on left-wing woke politics,” House Judiciary Chair Jim Jordan, R-Ohio, who has probed monetary establishments over their climate actions, advised Fox News Digital after the banks withdrew from Climate Action 100+.
“So, yeah, this is a win for America, a win for the economy, a win for Americans and investors and, more importantly, it’s a win for freedom.”
Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo didn’t instantly reply to a request for remark.
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