JPMorgan Chase's 2030 Carbon Intensity Targets Under Fire from Climate Advocates

Strategic Insights -

Climate justice activists at the JPMorgan Chase annual general meeting pressed CEO Jamie Dimon on the bank's oil, gas, and coal policies, with many questioning the effectiveness of the bank's 2030 carbon intensity targets. Critics argue that these targets are a "fig leaf for fossil expansion" and do not align with the Paris Climate Agreement. The Stop the Money Pipeline coalition has been organizing nationwide protests and has published an analysis of Chase's new targets, labeling them insufficient for addressing the climate crisis. JPMorgan Chase has financed $317 billion in the fossil fuel industry since the Paris Climate Agreement was adopted, making it the world's largest financier of fossil fuels.

Key Takeaways:

  • 49% of Chase shareholders voted in favor of forcing the bank to come up with a business plan aligned with the Paris Agreement last year, but the new targets fall short of those expectations.
  • JPMorgan Chase has financed 57 of the 75 companies doing the most to expand upstream and midstream oil and gas since the Paris Climate Agreement was adopted.
  • The bank has also financed 18 of the 25 U.S. utilities planning the most new fossil gas capacity and 10 of the top 30 global coal power companies.
  • Critics argue that intensity targets alone are insufficient and do not address the need for absolute emissions reduction.
  • Organizers demand that JPMorgan Chase ends its financing of fossil fuels and commits to phasing out its fossil fuel financing on a timeline consistent with limiting climate change to 1.5°C.
  • Jason Opeña Disterhoft of Rainforest Action Network described the targets as "a page directly from Big Oil's playbook" and a "fig leaf for fossil expansion."
  • Ben Cushing of the Sierra Club noted that the targets lack absolute emissions reduction goals, providing a greenwashing cover for JPMorgan Chase to continue supporting the expansion of the fossil fuel industry.
  • Matt Remle of Mazaska Talks called the targets "greenwashing at its finest" and said the reality remains that Chase is the largest financier of the fossil fuel industry and the climate crisis.
  • Organizers have activated and mobilized young people across the country to demand an end to fossil fuel extraction and use.

Statistics:

  • Since the Paris Climate Agreement was adopted, JPMorgan Chase has financed $317 billion in the fossil fuel industry.
  • The bank has financed 57 of the 75 companies doing the most to expand upstream and midstream oil and gas.
  • JPMorgan Chase has also financed 18 of the 25 U.S. utilities planning the most new fossil gas capacity.
  • The bank has financed 10 of the top 30 global coal power companies.
  • 49% of Chase shareholders voted in favor of forcing the bank to come up with a business plan aligned with the Paris Agreement last year.

Sources:

  • Rainforest Action Network (RAN)
  • Stop the Money Pipeline (STMP)
  • Sierra Club
  • Mazaska Talks
  • Amazon Watch
  • Action Center on Race and the Economy
  • Rezistance Art
  • Oil Change International
  • Energy and Policy Institute