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11 Jun 2019

Rainforest Action Network rejoinder to JPMorgan Chase re financing fossil fuel sector

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While we appreciate JPMorgan Chase’s engagement on this issue, we find this response inadequately addresses the matters at hand...In JPMorgan Chase’s recently released climate risk report the bank finally admits the severity of the climate crisis, yet the response outlined in the report is inadequate to address it — especially given JPMorgan Chase’s outsize role in fueling it as the world’s biggest banker of fossil fuels...JPMorgan Chase’s commitment to facilitate $200 billion in clean financing over eight years...pales in comparison to JPMorgan Chase’s $195.66 billion in financing for fossil fuels in the last three years alone...Lastly, JPMorgan Chase’s support for “fundamental principles of human rights” falls short in implementation, in particular with regards to Indigenous rights...Unfortunately, this reply from JPMorgan Chase is nonresponsive to the original communication, as it avoids discussion of the prescient matter at hand: JPMorgan Chase’s support for companies violating Indigenous rights, and its astronomical volumes of fossil fuel financing, which need to be phased out in the name of climate stability. [Business & Human Rights Resource Centre invited JPMorgan Chase to respond to this rejoinder; the bank indicated it will be engaging with the authors directly]