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Investing.com -- A group of states, led by Tennessee, has concluded its investigation into the climate efforts of Wells Fargo (NYSE:WFC) & Co. This action was taken after the bank abandoned its goals to reduce greenhouse gas emissions.
The group, consisting of Tennessee and 17 other Republican-led states, had been investigating whether the net zero policies of Wall Street banks violated antitrust and consumer protection laws. They were also looking into whether these policies restricted financing. Wells Fargo announced last month that it was discontinuing its 2030 and 2050 targets related to net zero emissions.
On Thursday, Tennessee’s Attorney General Jonathan Skrmetti released a statement in which he praised Wells Fargo’s decision to step back from what he called "utopian" policymaking.
Over the past few years, banks and investment firms have faced criticism from GOP politicians regarding their environmental, social, and governance work. Since December, the Net-Zero Banking Alliance, a group advocating for environmentally friendly banking practices, has experienced a significant departure of its US members.
Despite the conclusion of the investigation into Wells Fargo, Skrmetti stated that the multi-state investigation into other banks will continue.
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