In a recent article from Carolina Journal, concerns are raised about the potential consequences of 'green banking' on grocery prices and the food supply in the United States. Steve Troxler, North Carolina's Agriculture Commissioner, joined eleven other Republican Agriculture commissioners in signing a letter to six of America's top banks expressing their concerns with the Net-Zero Banking Alliance (NZBA), a project of the Paris Climate Accords. The NZBA requires banks to require their customers to measure and disclose greenhouse gas (GHG) emissions in certain sectors, including agriculture. The implementation of these commitments could lead to a minimum 34% increase in costs for American farmers and a $1,300 per year increase in grocery bills for a family of four. The commissioners are particularly concerned about the potential impact on the agriculture sector, including the need to cut beef and livestock consumption by half, the use of inefficient electric farm equipment, and a shift away from nitrogen fertilizer. They also express concerns about the authority given to the UN Environment Programme (UNEP) to monitor the banks' climate targets and ensure alignment with UN criteria. These climate initiatives, including the NZBA and Environmental, Social Governance (ESG) reports, are a result of the United States rejoining the Paris Climate Accords and the Biden administration's commitment to reduce greenhouse gas emissions. It is worth noting that state officials, including attorney generals, have previously taken action against climate initiatives, challenging the ESG practices of international Shareholder Services, Inc. (ISS) and Glass, Lewis Co. [fc350639]
State agriculture officials from twelve states, including Iowa’s own Secretary of Agriculture Mike Naig, recently signed a joint letter to six of the country’s largest investment banks expressing concerns over the banks’ support for net-zero banking practices promoted by the United Nations and climate-control activists. The United Nations’ Net-Zero Banking Alliance (NZBA) asks member banks — including six of America’s largest — to require customers to measure, monitor, and share greenhouse gas emissions from their factories, farms, and business operations. The Buckeye Institute modeled the impact of carbon pricing for a typical U.S. corn farm under the Biden administration’s proposed climate-control regime and expects expenses for diesel fuel, propane, and nitrogen-based fertilizers to spike $65,000 per year — or 34% — to cover the operation’s social cost of carbon emissions. Americans already spend more on food now than they have in 30 years, but farms will share these higher costs with grocers, restaurants, and consumers. The average family of four will watch its household grocery bill climb another 15%, or $1,300 per year. [dc15b7e6]