FOR IMMEDIATE RELEASE
October 8, 2021
Contact: Jackie Fielder, [email protected]
Stop the Money Pipeline Responds to JP Morgan Chase joining Net-Zero Alliance
Today, JP Morgan Chase updated its Environmental and Social Policy Framework, demonstrating its new membership in the Net Zero Banking Alliance ahead of COP26 climate talks in Glasgow, Scotland. Just under two weeks ago, Stop the Money Pipeline hosted a press briefing on Greenwashing with Congresswoman Katie Porter, outlining all the ways we expect financial institutions to issue greenwashed climate policies around COP26.
In the briefing, Reclaim Finance Just Transition Analyst Paddy McCully noted the greenwashed nature of the Net Zero Banking Alliance and similar alliances, and the alliance’s failure to adopt and enforce a policy of prohibiting financial institutions from investing in new fossil fuel developments.
“The International Energy Agency was clear earlier this year: there is no need for investments in new fossil fuel infrastructure beyond 2021,” said Jackie Fielder, communications coordinator for Stop the Money Pipeline. “Chase has made sure through its billions of dollars of investments, that we remain in a fossil-fueled climate spiral for generations to come. Chase’s new climate commitments are completely compatible with increased emissions, increased deforestation, Indigenous displacement and human rights violations.”
Stop the Money Pipeline Coalition has begun a Customers for Climate Justice program to empower customers of JP Morgan Chase and other major Wall Street banks to pressure them to halt all financing for fossil fuels.
The Stop the Money Pipeline coalition is a coalition of more than 175 organizations and growing, working to hold the financial backers of climate chaos accountable.