Republican agriculture commissioners warn against excessive ESG and net zero initiatives
Twelve Republican state agriculture commissioners have warned America’s leading banks about the potential dangers posed by ESG (Environmental, Social, and Corporate Governance) investing and the push for a “net zero” climate agenda. The group has expressed serious concerns that these initiatives could severely disrupt the United States’ food supply and exacerbate food inflation, potentially leading to famine.
The commissioners directed their cautionary message to six of the nation’s largest banks—Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo—all of which are participants in the United Nations-sponsored Net-Zero Banking Alliance (NZBA).
The NZBA has pledged to finance significant climate action with the ambitious goal of achieving zero greenhouse gas emissions in the US by 2050. According to the commissioners, such a target would necessitate drastic and impractical changes in farming and ranching operations, including the adoption of electric machinery, the installation of renewable energy sources, a shift to organic fertilizers, modifications to irrigation systems, and a reduction in ruminant meat consumption. They argue that these changes would not only have a catastrophic impact on farmers but also result in significant job losses within the livestock industry.
The letter from the agriculture commissioners highlights the expectation of a dramatic increase in global food demand by 2050. They argue that the NZBA’s net-zero emissions strategy would lead to widespread food shortages, higher food prices, and, ultimately, mass starvation and death, particularly impacting the poorest communities.
The signatories of the letter include commissioners from Alabama, Florida, Georgia, Kentucky, Iowa, Louisiana, Mississippi, North Carolina, North Dakota, South Carolina, Texas, and West Virginia. They collectively assert that the American agricultural sector should not be compromised, emphasizing the risk to the country’s food security.