February, 24 2020, 11:00pm EDT
World's Largest Funder of Fossil Fuels Commits To Stop Funding a Tiny Amount of Fossil Fuels
After three years of relentless pressure from climate activists, JPMorgan Chase released a new fossil fuel policy at its annual Investor Conference in New York today. Unfortunately however, the new policy only impacts a tiny fraction of Chase's vast business with the fossil fuel industry.
Seattle, WA
After three years of relentless pressure from climate activists, JPMorgan Chase released a new fossil fuel policy at its annual Investor Conference in New York today. Unfortunately however, the new policy only impacts a tiny fraction of Chase's vast business with the fossil fuel industry.
The most meaningful part of the policy is that it prohibits the bank from doing business with any company that gets the majority of its business from coal mining. Yet by only excluding companies that get the majority of their business from coal mining, Chase will be continuing to fund three of the ten largest coal companies in the world.
Chase's new policy also commits the bank to not funding any new Arctic oil and gas projects. Unfortunately, the policy doesn't do anything to prohibit Chase from financing companies that are building coal plants or Arctic oil and gas projects. "It's a little like Chase has stopped directly loaning to a gun manufacturing plant, but is still loaning money to Smith and Wesson," said Alec Connon with 350 Seattle.
Chase's announcement comes as climate groups have placed increasing focus on the financial sector and its support of the fossil fuel industry, as recently reported in both the Financial Times and Rolling Stone. Over 50 organizations, operating under the coalition Stop the Money Pipeline, are calling for a day of mass civil disobedience against JPMorgan Chase, on April 23rd, the day after Earth Day.
"Chase's baby step makes two things clear. One, they remain the world's biggest funder of the climate crisis, unwilling to meaningfully break ties with their buddies in oil and gas. Two, public pressure can get to them--even our modest protest so far has put their PR machine in high gear. This is the perfect lead in to April 23. Let's show up at every Chase branch in America and then see what happens," said 350.org founder Bill McKibben.
Chase is the world's largest funder of the fossil fuel industry by a considerable distance. Since the Paris Agreement was signed in 2015, the bank has loaned $196 billion to the fossil fuel industry -- 29% more than any other bank. In the same time, Chase has loaned $69 billion to the most expansionist parts of the fossil fuel industry, new coal mines and pipelines -- 63% more than any other bank.
The policy announcement comes after two protests at JPMorgan Chase's regional HQ in Seattle last week. One which shut down 2nd Ave for over two hours, and another at which 28 people were arrested.
For more on Chase's policy:
- https://www.ran.org/press-releases/jpmorgan-chase-ran-policy-response/
- https://www.ran.org/wp-content/uploads/2020/02/Analysis-of-JPMorgan-Chase-Policy-Announcement_Feb-2020.pdf
For more on the campaign:
350 is building a future that's just, prosperous, equitable and safe from the effects of the climate crisis. We're an international movement of ordinary people working to end the age of fossil fuels and build a world of community-led renewable energy for all.
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