Chase Bank: Stop Funding Putin's War and Fossil Fuel Expansion
JPMorgan Chase
JP Morgan Chase is the world's largest banker of fossil fuels worldwide, exacerbating the climate crisis and contributing to fossil fuel air pollution that kills 1 in 5 people worldwide.
As the Russia's invasion of Ukraine continues, JPMorgan Chase is the world’s #1 banker to Gazprom, Russia's largest oil and gas company, providing more than $4.6 billion in financing since 2016. Besides making an incredible amount of money for the Kremlin and providing 2/3 of Russia’s export revenues that fund Putin's war machine, since 2009, Gazprom has used its supply of fossil fuels as a bludgeon to threaten Ukraine, cutting off the country’s supply of gas on numerous occasions.
Sign the petition: our money and banks should not be funding Putin's violence and fossil fuel expansion.
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From more extreme hurricanes and wildfires to record temperatures, climate change will continue to worsen if governments and companies fail to adopt adequate climate policies.
One of these companies is JPMorgan Chase, the worst banker of fossil fuels in the world. According to the Banking on Climate Chaos 2022 report,
JPMorgan Chase has been the #1 banker of fossil fuels in the world each year since the Paris Agreement;
- has provided $382 billion in fossil fuel financing since the Paris Agreement, leading by a 34% margin overall over the second-placed bank;
- has financed 18 of the 25 U.S. utilities that are planning the most new fossil gas capacity, and with the most coal without a 2030 retirement commitment;
has no policies to end further oil and gas expansion, despite the recent International Energy Agency (IEA) Net Zero by 2050 report stating there is no need for investment in new fossil fuel supply in its net zero emissions pathway;
- has supported companies harming Indigenous communities. Despite Indigenous-led resistance and a recent letter from the UN detailing alleged international convention violations, Enbridge’s Line 3 tar sands oil pipeline in Minnesota continued to be built. JPMorgan Chase has provided Enbridge with $3.1 billion in lending and underwriting since 2016.
- has yet to implement deforestation and exploitation policies for all forest-risk commodities.
- has provided more than $4.6 billion in financing to Gazprom, Russia's largest oil and gas company. Oil and gas provides significant portion of Russia's export revenue, funding Putin's war machine against Ukraine.
We therefore demand that JPMorgan Chase:
- Immediately end financial support for fossil fuel expansion. We demand that JPMorgan Chase publicly require that clients stop expanding the extraction, production or transportation of fossil fuels.
- Phase out and prohibit financial support for all fossil fuels in line with a 1.5°C target. We demand that JPMorgan Chase publicly commit to a phase out for support of clients involved in extraction of fossil fuels, on a timeline compatible with limiting climate change to 1.5°C.
- Phase out and prohibit financial support for deforestation. While JPMorgan Chase has committed to strengthening No Deforestation, No Peat, No Exploitation (NDPE) restrictions for palm oil, it should extend them to palm oil traders and all forest-risk commodities, including pulp and paper, beef, rubber, soy, and timber.
- Uphold Indigenous rights and sovereignty. We demand that JPMorgan Chase end support for projects and companies implicated in human rights abuses, especially Indigenous rights abuses, and ensure that respect for human rights — especially Indigenous rights, is a precondition for financing, including project and corporate lending and underwriting, and investment.
- Take accountability for compliance. JPMorgan Chase should ensure that the implementation, monitoring and reporting of these policies are audited and verified through a permanent independent third-party mechanism.