Following massive public pressure, JPMorgan Chase Bank, the largest funder of fossil fuels in the world by a wide margin, announced on October 6, 2020 that it will begin aligning its financing with the Paris climate agreement. This is an important start.
In the years after the Paris agreement, the bank escalated its funding of the fossil fuel sector, resulting in $268 billion in funding that has exacerbated the climate crisis. The new announcement is a welcome change in position while concerns remain about the pace, scope, and processes to achieve the transformation needed to avert climate catastrophe.
JPMorgan Chase states that it will align with the Paris agreement by supporting its clients in the energy and auto manufacturing sectors to transition to a low-carbon economy by 2030; by increasing investment in low and zero-carbon energy technology; and by creating a Center for Carbon Transition to help banks with access to sustainability data and strategies.
Green America has mobilized thousands of people to pressure JPMorgan Chase through petitions, calls, meetings in bank branches, and visibility actions. Green America’s Climate Safe Lending network is also helping to provide the tools needed to help all banks align their portfolios with the Paris agreement.