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Rokita to investigate major banks' climate goals, despite billions invested in fossil fuels

By Rebecca Thiele

Posted October 24, 2022

Todd Rokita

Attorney General Todd Rokita said the United Nations alliance is trying to "destroy" American fossil fuel companies and the people that depend on them — like farmers and truck drivers. (Alan Mbathi/IPB News)

Indiana’s attorney general is going after major U.S. banks that have made climate commitments — a move that already failed in the state legislature this year.

Todd Rokita and attorneys general from 19 other states have ordered an investigation into Bank of America, Citigroup, Goldman Sachs, J.P. Morgan Chase, Morgan Stanley and Wells Fargo. The banks are part of a United Nations alliance devoted to lending and investing in a way that supports the goal of net zero emissions by 2050.

READ MORE: Rokita takes aim at ESG investing, even as Indiana law already bans it

Join the conversation and sign up for the Indiana Two-Way. Text "Indiana" to 73224. Your comments and questions in response to our weekly text help us find the answers you need on statewide issues, including this series on climate change and solutions.

Rokita said the alliance is trying to "destroy" American fossil fuel companies and the people that depend on them — like farmers and truck drivers.

But while members of the alliance could choose to give less money to industries like coal, oil and natural gas — divesting in fossil fuels is not required. All six U.S. banks poured tens of billions of dollars into fossil fuels last year.

A bill that would have required Indiana to cut ties with any bank that wanted to divest from fossil fuels died in the state House this year. It was opposed by climate advocates as well as the Indiana Bankers Association and the agency that handles procurement for the state.

Contact reporter Rebecca at rthiele@iu.edu or follow her on Twitter at @beckythiele.

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