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Oil patch insider: Alaska investigates banks on ESG policies? Alliance elects board
Kay Cashman Petroleum News
Rumors of Alaska being part of a 19-state coalition launching investigations into six major banks over ESG investing cannot be confirmed.
Five of the 19 states are prohibited by their own confidentiality statutes from being named.
When asked by Petroleum News whether Alaska was one of the five unnamed states, Patty Sullivan, communications director with the Alaska Department of Law, said in an email: “The development of Alaska’s oil and other natural resources are essential to the national and worldwide economy. The State is concerned about ESG policies that may cause a reduction in bank credit for the oil industry in national and international markets. Several states have announced consumer protection and/or antitrust investigations regarding major financial institutions’ participation in the Net-Zero Banking Alliance. However, the State of Alaska is prohibited by statute from publicly announcing whether we are involved in any particular consumer protection or anti-trust investigations.”
Missouri Attorney General Eric Schmitt announced formation of the coalition on Oct. 19, saying his office and 18 other attorneys general have served six major American banks with civil investigative demands, which act as a subpoena, asking for documents relating to the companies’ involvement with the United Nations’ Net-Zero Banking Alliance, or NZBA.
The banks under investigation include Bank of America, Citigroup, Goldman Sachs, JP Morgan Chase, Morgan Stanley and Wells Fargo. NZBA-member banks must set emissions reduction targets in their lending and investment portfolios to reach net zero by 2050.
In addition to Missouri, Arizona, Arkansas, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Montana, Nebraska, Oklahoma, Tennessee, Texas and Virginia have joined the investigation.
“The Net-Zero Banking Alliance is a massive worldwide agreement by major banking institutions, overseen by the U.N., to starve companies engaged in fossil fuel-related activities of credit on national and international markets. … Oil leasing companies and other businesses that are vital to … America’s economy will be unable to get a loan because of this alliance,” said Schmitt.
- KAY CASHMAN
Alliance elects board members On Oct. 20 the Alaska Support Industry Alliance elected board members at its annual meeting in Anchorage.
The following people were voted in: Chuck Heath of Hawk LLC; Matt Jolly of Alaska West Express; Patrick Rose of Northern Industrial Training; Eileen Simmons of Alaska Communications Systems; Eric Wieman of Northern Energy Services; Liam Zsolt of ASRC Energy Services; and Stephanie Hala of Matson.
This year’s board president is Randy Beltz, North Star Equipment Services. Liam Zsolt was elected VP government affairs and president-elect.
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