Stop JPMorgan Chase's Investments in Fossil Fuels

We'd like to engage with JPMorgan to strengthen its commitment to ending all investments in fossil fuels to significantly reduce their investments impact on climate change.
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The issue

When people think of companies contributing to climate change, it's easy to point to those participating in the fossil fuel industry or companies that drill or mine for oil, gas or coal, burn them to produce electricity, or refine them for use as fuel for heating or transportation. But what about the companies that are financing these companies?

Reclaim Finance found that since the Paris Agreement, $3.8 trillion has been invested into fossil fuels by 60 banks, despite the Paris Agreement's warning that existing oil, gas and coal reserves need to remain in the ground if we are to avoid a 2-degree temperature rise. Reclaim Finance also found that JPMorgan Chase is the world's worst financier of fossil fuels, having invested $316.735 billion between 2016-2020.

While JPMorgan Chase has committed $2.5 trillion funding in the next ten years to climate action and sustainable development, many don't believe they will reach their climate targets. JPMorgan's Paris-Aligned Financing Commitment Methodology focuses on reducing the end-use carbon intensity of its oil and gas investments by 15% by 2030. However, according to Rainforest Action Group, intensity-only targets for oil and gas, power and autos are fully compatible with expansion of fossil fuels and threaten to rubber-stamp increases in absolute emissions. Thus, JPMorgan could still increase their overall greenhouse gas emissions from its oil & gas portfolio over this period.

What you may or may not know is that while measuring progress via carbon intensity has its place, we believe its use in JPMorgan Chase's climate targets is misleading. Why? Jason Opeña Disterhoft of the Rainforest Action Group shares that “different fossil fuels have different carbon intensities, which could let companies manipulate the numbers to lower intensity but not decrease emissions.”

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Stock info
JPMorgan
JPM
$160.71
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1D
1W
1M
Past performance is not indicative of future results
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JPMorgan
JPM
$160.71
2759
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