December, 03 2018, 11:00pm EDT
As World Gathers for COP24, Chase Bank Found Undermining Paris Agreement by Financing Coal Power Expansion in Poland
As global leaders convene in Katowice to strengthen climate commitments at COP24, a briefing paper released today by
Katowice
As global leaders convene in Katowice to strengthen climate commitments at COP24, a briefing paper released today by Rainforest Action Network(RAN) and Fundacja Rozwoj Tak - Odkrywki Nie(Foundation Development Yes - Open-Pit Mines No, or RT-ON) underscores the counterproductive role of major financial institutions like JPMorgan (Chase) to achieving the goals of the Paris Agreement. Chase is enabling the Polish coal industry to continue to grow even while other countries across Europe make commitments to phase out coal. The planned Ostroleka C coal-fired power plant has attracted particular controversy.
Read paper here: https://www.ran.org/wp-content/uploads/2018/12/Chase_Financing_Coal_Power_Expansion_in_Poland_2018_vPOL_vWEB-1.pdf
Chase, already the target of a growing international climate accountability campaign due to its role as the #1 U.S. banker of extreme fossil fuels, is supporting Ostroleka C via financing for Energa, one of the two state-controlled companies behind the project. The Ostroleka C power plant is projected to burn two million tons of coal per year from 2023 to 2063, emitting six million tons of CO2annually and causing serious public health impacts.
Last year, Chase underwrote a EUR300 million bond issuance for Energa at a time when Ostroleka C was a key strategic project for the company, despite a Chase policy ruling out direct finance for new coal plants in OECD countries, including Poland. This bond issuance constituted the only private bank financing for either Energa or Enea since the adoption of the Paris climate agreement in 2015.
"From a climate context, new coal power should not be happening, and Chase knows it. Yet, Chase is actively promoting the expansion of coal power in Poland by exploiting a glaring loophole in its coal policy that goes totally against its stated commitment not to fund the expansion of coal-fired power plants," said Jason Opena Disterhoft with Rainforest Action Network (RAN). "Chase's financing of Ostroleka C is flatly incompatible with the Paris Agreement or supporting a 1.5 degree world."
"JPMorgan Chase should know better," said Kuba Gogolewski, Senior Finance Campaigner at Foundation "Development YES - Open-Pit Mines NO". "They should look beyond the very short-term interest in providing finance to the Polish coal industry. The energy system in Poland must undergo a rapid transformation, and JPMorgan Chase is slowing down this change by financing coal utilities and coal power plants."
Chase has been the target of widespread, escalating protests calling on the bank to end its massive financing of the most destructive and polluting forms of fossil fuelsand to align its policies and practices with the 1.5 degree goal of the Paris Agreement.
The October 2018 report from the IPCC has brought unprecedented attention to the urgency of limiting global warming to 1.5 degrees Celsius. To meet that goal, global carbon emissions would have to fall by about 45% below 2010 levels by 2030, reaching zero around 2050. New Coalswarm and Greenpeace analysis has shown that OECD countries -- including Poland -- must lead the way by ending coal power by 2030. By contrast, any new coal-fired power plants are flatly incompatible with limiting climate change to 1.5 degrees. These would drive expanded extraction, when potential emissions from currently operating coal, oil and gas reserves takes the world beyond 2degC, and emissions even from currently operating oil and gas alone takes the world past 1.5degC.
Shareholders, investors, financial analysts, and lawmakers increasingly recognize how financially tenuous and environmentally disastrous the Ostroleka C project--and Poland's coal industry--is. Carbon Tracker projects that the power plant, if built, would be "permanently unprofitable," with a net loss of EUR1.7 billion over its lifetime. Furthermore, Ostroleka C is facing challenges in the courts. ClientEarth, a shareholder in Enea, has sued the company for approving the project, and one of Enea's trade unions has filed a parallel lawsuit.
Ostroleka C is slated to be the last coal-fired power plant in Poland, and major international insurers have already stated that they will have nothing to do with the project. Chase has, to date, made no such commitment, and, on the contrary, appears to be committed to facilitating the construction of a climate-destructive coal plant in a tenuous financial situation.
Rainforest Action Network (RAN) is headquartered in San Francisco, California with offices staff in Tokyo, Japan, and Edmonton, Canada, plus thousands of volunteer scientists, teachers, parents, students and other concerned citizens around the world. We believe that a sustainable world can be created in our lifetime and that aggressive action must be taken immediately to leave a safe and secure world for our children.
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Holiday Season Ultimatum From Amazon Workers: Bargain or We Strike!
"If Amazon chooses to ignore us, they’re the ones ruining Christmas for millions of families. We’re not just fighting for a contract; we’re fighting for the future of worker power at Amazon and beyond."
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Workers at a Amazon warehouse and delivery center in New York announced approval of strike authorizations on Friday, giving the retail giant—who have refused to negotiate for months—until Sunday to come to the bargaining table or risk a major work stoppage at the height of the holiday shopping season.
The unions representing Amazon workers at two New York City facilities—the JFK8 warehouse on Staten Island and the DBK4 delivery center in Queens—cited the company's "illegal refusal to recognize their union and negotiate a contract" to address low wages and dangerous working conditions as the reason for the strike authorization.
"We just want what everyone else in America wants—to do our jobs and get paid enough to take care of ourselves and our families. And Amazon isn't letting us do that."
"Amazon is pushing its workers closer to the picket line by failing to show them the respect they have earned," said Teamsters General President Sean M. O’Brien in a statement. "We've been clear: Amazon has until December 15 to come to the table and bargain for a contract. If these white-collar criminals want to keep breaking the law, they better get ready for a fight."
The workers are demanding:
- A living wage with fair pay increases.
- Safer working conditions to prevent injuries and fatalities.
- Job security and protection from arbitrary firings.
- Dignity and respect for all employees.
In June, over 5,500 workers at JFK8—who first voted in favor of creating a union in 2022—joined the Teamsters and chartered the Amazon Labor Union (ALU)-IBT Local 1. Despite consolidating their organizing strength with the backing of the Teamsters, Amazon management has dragged their feet on bargaining a first contract, hardly surprising given the company's long-standing hostility to organized labor.
"Amazon's refusal to negotiate is a direct attack on our rights," said Connor Spence, president of ALU-IBT Local 1, on Friday. "If Amazon chooses to ignore us, they’re the ones ruining Christmas for millions of families. We’re not just fighting for a contract; we’re fighting for the future of worker power at Amazon and beyond."
Rank-and-file members said their demands are reasonable, especially as the company—owned by the world's second-richest man, Jeff Bezos—continues to rake in massive profits year after year as one of the world's largest companies.
"We aren't asking for much," said James Saccardo, a worker at JFK8. "We just want what everyone else in America wants—to do our jobs and get paid enough to take care of ourselves and our families. And Amazon isn't letting us do that."
In Queens, where Amazon workers at DBK4—the corporation's largest delivery station in the city—voted nearly unanimously to authorize a strike of their own.
"Driving for Amazon is tough," said Luc Rene, a driver who works out of DBK4. "What's even tougher is fighting a mega-corporation that constantly breaks the law and games the system. But we won't give up."
"Every horror story you read about Amazon is true, but worse," said Justine, a warehouse worker in New York in a video produced by More Perfect Union.
BREAKING: Amazon workers in NYC are going on strike right before Christmas — the company's busiest time.
The first unionized Amazon warehouse is going to shut down in a historic walkout.
Workers plan to hit the company where it hurts to win their first union contract. pic.twitter.com/CwnrRWg4be
— More Perfect Union (@MorePerfectUS) December 13, 2024
A strike at this time of year, the busiest for the retail giant, reports labor correspondent Jessica Burbank for Drop Site News, "would hit them where it hurts. The scale of the strike would be unprecedented, including the major hubs of New York and San Bernadino, California."
According to Burbank:
Amazon now has a workforce of over 700,000, making it the largest employer of warehouse workers in the nation. If a contract is won at these initial 20 bargaining units, it has the potential to impact working conditions for thousands of workers, and inspire union organizing efforts at Amazon facilities across the country.
For Amazon workers who voted to unionize their warehouses in March of 2022, this has been a long time coming. “Thousands of Amazon workers courageously cast their ballots to form a union at JFK8 in Staten Island,” Smalls said in a text. “We shocked the world, we had won against a corporate giant and hoped that step would propel us forward to help create a better workplace.” For years, Amazon stalled on recognizing the union, and has not yet met union representatives at the negotiating table.
Smalls said, “I’m excited to see workers take control, take the next step and move even further down the path to victory when they exercise their right to strike.” He continued, “We celebrated as we inspired thousands of others to hope for the same.”
Sen. Bernie Sanders (I-Vt.) on Saturday issued his support for the union workers.
"Amazon delivery drivers and warehouse workers deserve decent wages, benefits and working conditions—and the right to form a union," said Sanders. "I strongly support the thousands of Amazon workers who will go on strike tomorrow if Amazon doesn't end its illegal union busting."
The workers at JFK8 said people could support the union's effort in various ways "at this critical time," including:
- Donate to the Solidarity Fund: Help workers sustain their fight by contributing to the strike fund.
- Show Up on the Picket Line: Join workers at JFK8 to demonstrate solidarity and hold Amazon accountable for their illegal refusal to negotiate a union contract.
- Spread the Word: Use social media and local networks to raise awareness about the workers’ struggle and the importance of their fight for justice at Amazon.
- Contact Elected Officials: Urge representatives to publicly support JFK8 workers and pressure Amazon to negotiate in good faith.
- Sign the Petition: Stand with Amazon workers and demand that Amazon guarantee a safe return to work, free of harassment and retaliatory disciplinary action, to all workers participating in protected collective action.
For his part, former labor secretary and economist Robert Reich said he had no sympathy for the retail giant's refusal to bargain in good faith with the workers who make its business model possible.
"Amazon had $15 billion in profits last quarter," said Reich. "Don't tell me they can't afford to bargain a fair contract."
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Bernie Sanders talks about the oligarchy
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Ryan Cooper, managing editor at The American Prospect, warned that "they want your kids dead."
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Multiple critics altered Trump's campaign slogan to "Make Polio Great Again."
U.S. Sen. Elizabeth Warren (D-Mass.) responded with a video on social media:
Without naming anyone, Senate Minority Leader Mitch McConnell (R-Ky.), a polio survivor, put out a lengthy statement on Friday.
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