NZBA: Negatively Zerozing Banks (in) Ag

Feb 2, 2024

There’s another new acronym out there, and one agriculture isn’t excited about.

NZBA, or “the Net-Zero Banking Alliance, is a global group of financial institutions dedicated toward ‘financing ambitious climate action,’ with a goal of pushing the economy toward net-zero greenhouse emissions by 2050.”

And we’re not talking about no-namer banks here. Bank of America, Citi Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo are all in the club.

Taking Action: Twelve Republican state agriculture commissioners sent a letterearlier this week to top execs at these banks warning that the banks’ meddling in this global eco alliance could impact food availability, increase food prices, and minimize credit opportunities for farmers.

Digging in a little deeper, this could mean slicing Americans’ beef and livestock consumption by 50%, mandating inefficient electric farm machinery, and making a switch from nitrogen fertilizer.

Soundbite: The UN’s Net-Zero Banking Alliance would be the equivalent of a run on the bank for our nation’s agriculture industry and pose a serious threat to our national security – and it must be stopped.” – Tyler Harper, Georgia Ag Commissioner

At the end of the day, state ag officials say forcing ESG (environmental, social, and governance) will make business exponentially more difficult for small family farmers and independent ranchers. NZBA could put the food supply in serious danger.

Alabama, Florida, Georgia, Iowa, Kentucky, Louisiana, Mississippi, North Carolina, North Dakota, South Carolina, Texas, and West Virginia all had agriculture officials sign the letter sent on Monday.