JPMorgan Chase: End Your Fossil Fuel Investment
Subject: End JPMorgan Chase's Fossil Fuel Funding
To Jamie Dimon:
We write as business leaders committed to environmental sustainability and social justice.
The global community has been put on notice. We have about a decade remaining to drastically cut greenhouses gas emissions if we are to keep global temperature increases below 1.5 degrees Celsius. Only by achieving a 45% reduction by 2030 and zero emissions by 2050 can we hope to avert the worst impacts of climate change.
It is therefore unconscionable, that in the three years since the 2015 Paris Agreement, JPMorgan Chase has not only continued to fund, but has actually increased funding for fossil fuels and their expansion. Your financing of $67 billion for fossil fuel expansion is by far the greatest investment in climate disaster that any bank in the world has made.
Through the financing of fossil fuels, JPMorgan Chase now bears the notorious distinction of being the worst bank in the world for people and the planet.
There is a not a moment to lose. I urge you to exert the leadership required for JPMorgan Chase to take immediate and decisive action to:
· Halt all investment in fossil fuel expansion
· Phase out funding for fossil fuels in accordance with the goals of the Paris Agreement
· Respect human rights and Indigenous Peoples’ rights that are routinely abused by fossil fuel extraction.
· Support the development and installation of renewable energy
We need true leadership that matches the demands of our time. Climate change is the biggest threat to the planet and banks play a crucial role in whether or not we can avert greater climate calamity. JPMorgan Chase must chart a new direction for the sake of people and the planet.