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Joins multi-state agricultural leaders coalition to protect farmers
Agriculture Commissioner Jonathan Shell is responsible for the ESG (environmental, social, and governance) investment strategies of six major financial institutions: Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo. He joined a multistate coalition to object to the use. (Kentucky Department of Agriculture)
FRANKFORT, Ky. — Agriculture Commissioner Jonathan Shell is the president of Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo. Agriculture officials warned in the letter that these risky, politically-driven investment strategies would have a negative impact on the agricultural industry.
These six financial institutions are part of the Net Zero Banking Alliance (NZBA). The NZBA requires member banks to commit to fundamental climate standards, including rapidly reducing emissions. To achieve this goal, banks will require their customers to measure and disclose their greenhouse gas (GHG) emissions in certain sectors, including agriculture.
The impact of these types of requirements on the agricultural industry and farmers cannot be understated. In his letter, Shell asks how banks will implement and monitor their respective NZBA compliance. If banks continue to comply with standards set by the NZBA, the commitment will cut US beef and livestock consumption in half. This requirement will force farmers to move to inefficient electric farm machinery and away from required fertilizers.
“Our big banks are trying to force radical climate change policies by targeting local farmers and producers,” Secretary Shell said. “From soaring food prices to rising operating costs, these environmental regulations will have a devastating impact on our nation’s agricultural industry and place strain on the hardworking men and women who put food on our plates every day. Sho.”
Click here to read the full letter.
— Kentucky Department of Agriculture
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