Activists deliver hundreds of awards to Chase branches around the U.S.
Contact: Jackie Fielder, [email protected]
San Francisco – June 1, 2021 – Following the release of JPMorgan Chase’s 2030 climate targets, people around the country will be delivering the “2021 Greenwashing Award” to more than 150 Chase branches this week. The award is presented on an annual basis to a corporation for “outstanding contributions to the field of greenwashing.”
“We are awarding Chase with the 2021 Greenwashing Award as they have truly gone above and beyond this year, creating an innovative, never before seen form of greenwashing,” said Stop the Money Pipeline coalition coordinator, Alec Connon. “Well, never before seen, except from every single big oil and gas company, which has been using this exact form of greenwashing for years. We’re sure that’s a coincidence, though. We can only imagine that this sort of creative greenwashing will inspire many other financial companies across America in the coming years.”
“It’s such an effective shell game that Jamie Dimon himself thinks the bank has committed to reduce total emissions in its oil and gas portfolio, to judge from his comments at the bank’s shareholder meeting and in testifying to Congress in the last two weeks. Congratulations!” said Jason Opeña Disterhoft, climate and energy senior campaigner with Rainforest Action Network.
According to Rainforest Action Network’s 2021 Banking on Climate Chaos Fossil Fuel Finance Report, Chase has financed the fossil fuel industry to the tune of $317 billion, 33% more than any other bank in the world. On May 13th, the bank released its 2030 climate targets that commit Chase to achieving a 15% reduction in the Scope 3 carbon intensity of the oil and gas firms that it finances by 2030. However, advocates have been quick to point out that reducing “carbon intensity” is not the same as reducing actual greenhouse gas emissions.
“Unless you look really closely at the fine print, you would never realize that Chase’s climate commitments aren’t worth the paper they are written on. That’s what makes their greenwashing so impressive and worthy of this prestigious award,” said Jenifer Schramm with 350-PDX, an organization that will be delivering awards to every Chase branch In Portland, OR.
Earlier this month, the International Energy Agency (IEA) released a special report, ‘Net Zero by 2050,’ in which the world’s foremost energy forecasters modeled energy pathways that are compatible with limiting global warming to 1.5°C, the aspirational goal of the Paris Agreement. The report concluded that as of 2021, “there is no need for investment in new fossil fuel supply in our net zero pathway.”
By comparison, the 2030 climate targets released by JPMorgan Chase indicate that the bank will continue to support the expansion of the fossil fuel industry for at least another decade. Despite Chase’s own recent pledge to “Paris-Alignment”, the IEA report makes it clear that Chase’s climate commitments to funding the ongoing expansion of the fossil fuel industry are far from being in line with the goals of the Paris Agreement.
“With so many great contenders for this award, it’s been an incredibly difficult decision to make. But JPMorgan Chase really has outshone the competition and has truly earned the 2021 Greenwasher of the Year Award,” said Brian Wilder with Climate Action Rhode Island, a group that delivered awards to every branch in the state of Rhode Island.
The Stop the Money Pipeline Coalition is a coalition of more than 160 organizations working to hold the financial backers of climate chaos accountable.