Big Sky Times

Montana Attorney General Austin Knudsen announced the closure of his investigation into Wells Fargo's potential deceptive trade practices connected to Environmental, Social, and Governance (ESG) policies. This follows the bank's decision to abandon its anti-energy aim of achieving net-zero emissions by 2050.

The investigation, launched in October 2022, involved 18 other state attorneys general and targeted Wells Fargo along with five other significant banks: Bank of America, Citigroup, Goldman Sachs, JP Morgan Chase, and Morgan Stanley. The banks had collectively agreed to align their lending practices with the United Nations’ Net-Zero Banking Alliance’s goal of net-zero greenhouse gas emissions by 2050, which is based on the Paris Agreement. This strategy, according to the investigation, might have violated Montana's Consumer Protection Act by effectively limiting credit to companies involved in fossil fuel-related activities.

Attorney General Knudsen commented on the development, stating, "Wells Fargo’s decision to abandon its anti-energy goals is a good indicator we’re turning the tide in the left’s war on American energy. But as Attorney General, I won’t let up on my commitment to hold corporations and financial institutions accountable that illegally put the political agendas of their allies ahead of what’s best for their customers and shareholders.”

Knudsen expressed hope that other major banks would follow Wells Fargo’s decision, emphasizing the importance of aligning corporate actions with customer and shareholder interests.