On February 25, 2020, JPMorgan Chase, the world’s largest bank funder of fossil fuels by a 29% margin, announced new restrictions on its financing of coal and Arctic oil and gas as well as new investment in clean energy and other environmentally sustainable projects. The announcement followed mobilizations around the world pressuring the bank to halt investment in fossil fuel expansion, phase out fossil fuel investment in line with the Paris Agreement, respect human rights and Indigenous Peoples’ rights, and support renewable energy.
In addition, just days before the announcement, a document was leaked from the bank affirming that the climate crisis has dire consequences for life on Earth.
As the largest financier of the climate crisis, the bank’s steps to address climate can play a major role in transitioning the financial sector as a whole away from fossil fuels and towards a clean energy economy.
Green America has generated over 10,000 emails to JPMorgan Chase CEO Jamie Dimon, urging the bank to halt support for fossil fuels and to demonstrate leadership on the climate emergency. Because more is needed to reverse the climate crisis, the bank’s latest steps must be viewed as initial progress, not an end. Its steps should clearly signal to the financial sector that there’s no future in fossil fuel investment.