JP Morgan Chase Will Halt Financing of Arctic Oil, Gas Drilling, and Coal Plants

[Bayard]

In a major win for environmental organizations and Indigenous groups, JPMorgan Chase on Tuesday announced that it will not finance oil and gas extraction in the Arctic National Wildlife Refuge, nor will it continue financing many coal-related enterprises, including thermal coal mines and coal-fired power plants across the world. The announcement comes after a years-long pressure campaign by environmentalists and Indigenous peoples, who together have called on the giant bank—which is by far the leading US investor in fossil fuels—to move away from projects that threaten the climate.

JPMorgan Chase executives made the announcement at the bank’s annual Investor Day, during which they promised to stop investing in and providing services to companies that derive “the majority of their revenues from the extraction of coal” by 2024, as well as to not provide financing to offshore and onshore oil and gas extraction in the Arctic. JPMorgan Chase CFO Jennifer Piepszak also announced that the bank is committing $200 billion in financing across three focus areas: supporting climate action, clean water, and waste management; increasing access to housing, education, and health care; and advancing infrastructure, innovation, and growth.

Environmental activists and Indigenous leaders who have been staging protests against Chase applauded the announcement, which comes just two months after another leading US bank—Goldman Sachs—made a similar commitment not to finance oil drilling in the Arctic.

“It was emotional when Goldman Sachs, and now JPMorgan Chase, made their announcement,” Bernadette Demientieff, executive director of the Gwich’in Steering Committee, told Sierra. “I’m really grateful that somebody who made that decision listened, and thank Goldman Sachs and JPMorgan Chase for listening to the people and the Indigenous voices of the area. We just hope that more [banks] follow suit and more banks and oil and gas companies understand that Indigenous peoples in this country are not just going to allow you to come into our homeland and do whatever you want.”

https://www.sierraclub.org/sierra/jp-morgan-chase-will-halt-financing-arctic-oil-gas-drilling?utm_source=currents&utm_medium=email&utm_campaign=newsletter


This is HUGE! Good article.

[50 Shades Of Blue]

1. K & R

[Wellstone ruled]

2. Whoopie,we

ceded the Arctic Oil and Gas exploration three years ago plus to Rosneft and Gasprom.

[Duppers]

3. OMG! YES!! Yes, yes!! 👍 👍

This is huge!! I'm so happy.
Dang! 💃 💃

Activism works!
My donations were well spent!

Thank you for posting, Bayard!!
🙏

[Amishman]

4. I'm sure it is really because shale oil and gas has made such projects not profitable

Funny they only call out high cost operations