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Banking industry

JPMorgan Chase's Climate Targets Under Fire for Lack of Ambition

Strategic Insights

— 1 min read

Climate justice activists, led by the Stop the Money Pipeline (STMP) coalition, have raised concerns over JPMorgan Chase's newly released climate targets, labeling them "a fig leaf for fossil expansion." The financial institution's CEO, Jamie Dimon, faced questions from activists on various issues, including the bank's oil, gas, and coal policies, during the annual general meeting. Despite the growing criticism, JPMorgan Chase remains the largest financier of the fossil fuel industry, having bankrolled $317 billion into the sector since the Paris Climate Agreement was adopted.

Key Takeaways:

  • JPMorgan Chase's 2030 climate targets are intensity-only, which are fully compatible with massive expansion of fossil fuels and increased absolute emissions.
  • The bank's coal policy lags U.S. and global best practice, with no coal power phaseout and a 50% revenue threshold for its coal mining phaseout.
  • JPMorgan Chase has financed 57 of the 75 companies doing the most to expand upstream and midstream oil and gas, as well as 18 of the 25 U.S. utilities planning new fossil gas capacity.
  • The bank continues to support companies involved in Indigenous rights abuses, such as TC Energy, Enbridge, GeoPark, and Frontera.
  • Climate advocates demand that JPMorgan Chase take more ambitious action to align with Paris, including setting absolute emissions reduction goals, phasing out fossil fuel financing, and ending support for projects and companies implicated in human rights abuses.

Statistics:

  • JPMorgan Chase has bankrolled $317 billion into the fossil fuel industry since the Paris Climate Agreement was adopted.
  • 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 new fossil gas capacity.
  • The bank's coal policies lag U.S. and global best practice, with no coal power phaseout and a 50% revenue threshold for its coal mining phaseout.
  • JPMorgan Chase's climate targets are intensity-only, which are fully compatible with massive expansion of fossil fuels and increased absolute emissions.

Sources:

  • Rainforest Action Network: "Assessing JPMorgan Chase's 2030 Climate Targets"
  • Stop the Money Pipeline coalition
  • International Energy Agency: "Net Zero by 2050: A Roadmap for the Global Energy Sector"

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