State agriculture commissioners join ESG pushback (2024)
| Environmental, social, and corporate governance |
|---|
|
| • What is ESG? • Enacted ESG legislation • Arguments for and against ESG • Opposition to ESG • Federal ESG rules • ESG legislation tracker • Economy and Society: Ballotpedia's weekly ESG newsletter |
Agriculture commissioners from 12 states sent a letter on January 29 to the heads of six banks, arguing that ESG efforts to promote net-zero carbon policies would hurt farmers and inflate consumer food prices:
| “ |
The top state officials penned a letter Monday morning to top executives of Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo, taking issue in particular with their collective membership in the Net-Zero Banking Alliance (NZBA). They warned that the banks' involvement in the global eco alliance may impact food availability, lead to price increases, limit credit access for farmers, and have broad negative economic consequences. … in their letter Monday, the state agriculture commissioners warned that the banks' net-zero commitments made under the NZBA's framework may have severe consequences for American farmers such as cutting beef and livestock consumption, forcing a switch to 'inefficient electric farm equipment,' and moving away from the nitrogen fertilizer 'necessary for American agriculture to thrive.' 'Achieving net-zero greenhouse gas emissions in agriculture requires a complete overhaul of on-farm infrastructure — one of the goals of the NZBA,' the letter stated. 'This would have a catastrophic impact on our farmers. Proposed net-zero roadmaps describe dramatic, impractical, and costly changes to American farming and ranching operations such as switching to electric machinery and equipment; installing on-site solar panels and wind turbines; moving to organic fertilizer; altering rice-field irrigation systems; and slashing U.S. ruminant meat consumption in half, costing millions of livestock jobs.'[1] |
” |
See also
- Environmental, social, and corporate governance (ESG)
- Economy and Society: Ballotpedia's ESG newsletter
External links
Footnotes
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
| |||||||||||||||||||||||
