Chase Says It’s Fighting Climate Change. So Why Is It Financing the Fossil Fuel Industry?
By Kate Aronoff
Posted July 11, 2018
JPMorgan Chase (“Chase”) talks a big game on climate change. The Wall Street bank has committed to becoming entirely reliant on renewable energy by 2020, and facilitating $200 billion in clean financing—of low-carbon fuel sources—by 2025. “Business must play a leadership role in creating solutions that protect the environment and grow the economy,” CEO Jamie Dimon said in a statement announcing the pledge last summer.
As protesters at the company’s Texas shareholder meeting last week pointed out, Chase is leading on an entirely different front: financing fossil fuel infrastructure. There have been ongoing efforts over the last several years for universities and pension funds to drop their investments in fossil fuels. Activists fighting mountaintop removal coal mining successfully targeted banks like PNC to stop financing the practice, and the fight against the Keystone XL pipeline spawned its own push against Bank of America.
This most recent wave of energy in the fossil fuel divestment movement—targeting banks’ financing of fossil fuel infrastructure, in particular—was spurred by the momentum generated in the fight against the Dakota Access Pipeline (DAPL). More…