After dismissing it, they just announced that they’ll join the Net Zero Banking Alliance. And they’re pledging to reach net-zero emissions (from its lending and investment portfolios) by 2050.
Getting a giant like JP Morgan Chase to move, even a bit, is a huge testament to the movement. But their commitments aren’t actually very strong – they allow JPMorgan Chase to continue bankrolling fossil fuel expansion.
It’s simple. We must turn off the money tap allowing fossil fuels to continue. The International Energy Agency recently said “This gap between rhetoric and action needs to close if we are to have a fighting chance of reaching net zero by 2050 and limiting the rise in global temperatures to 1.5 °C”. That means no more fossil fuel financing. JPMorgan must take bigger steps.
It’s why thousands of us across the climate movement aren’t allowing JP Morgan Chase to get away with it – we’re continuing to ramp up the pressure.
Who was involved in making this happen?
Rainforest Action Network
“Chase’s net-zero commitment today is not worth the paper it’s written on unless the bank immediately ends its financing for fossil fuel expansion. Until that happens, we can only assume that the world’s biggest banker of fossil fuels is ingenuine in its commitment to net zero” – Alison Kirsch, Research and Policy Manager at Rainforest Action Network
Sierra Club who said:
“Chase is clearly feeling the pressure to join its peers by pledging to align its financing with net-zero by 2050 and keeping global temperature rise below 1.5° Celsius. But the reality is that doing so means Chase must change its reckless financing practices now, and so far we’ve seen no evidence that that’s happening.” – Fossil-Free Finance Campaign Manager Ben Cushing
Bloomberg: JPMorgan Joins Net-Zero Bank Alliance With Emissions Pledge: https://www.bloomberg.com/news/articles/2021-10-08/jpmorgan-joins-net-zero-banking-alliance-with-emissions-pledge
IEA Net Zero by 2050: https://www.iea.org/reports/net-zero-by-2050