RICHMOND, Va. (WRIC) -- Virginia Attorney General Jason Miyares announced the conclusion of an investigation into Wells Fargo & Company following the company's decision to reportedly abandon certain Environmental Social Governance (ESG) policies. Since October 2022, a coalition has been investi gating whether Wells Fargo and five other American banks -- including Bank of America Corporation, Citigroup Inc., and more -- violated antitrust or consumer protection laws by implementing net-zero emissions policies and restricting financing, according to the Office of the Attorney General. Officials said the Net-Zero Banking Alliance requires member banks to align their portfolios to achieve net-zero emissions by 2050 and set specific targets for "carbon-intensive sectors" by 2030. Banks that join initiatives like the Net-Zero Banking Alliance potentially compromise their obligations to customers and investors, and simultaneously usurp the policy-making authority of America's elected representatives, according to the Office of the Attorney General. Recently, Wells Fargo reportedly announced that it was ending its membership in the Net-Zero Banking Alliance and was discontinuing its "sector-specific 2030 interim financed emissions targets" and "goal to achieve net zero by 2050 for financed emissions." The Office of the Attorney General said that while other banks have also recently ended their Net-Zero Banking Alliance memberships, only Wells Fargo has publicly ended the ESG goals mandated by the Net-Zero Banking Alliance. “Virginians expect an honest return for their hard work, especially retirees and senior citizens looking forward to retirement,” Miyares said. “Sound economics should triumph over social fads every time. Retirement and investment accounts must look out for the interests of investors, rather than advancing risky social schemes.” Officials said the coalition's investigation into the other five banks will continue. ...read more read less