In less than two weeks, the shareholders of JPMorgan Chase and Chubb, the world’s largest financier and insurer of fossil fuels, will vote on critical climate resolutions, demanding that the companies end their support of fossil fuel expansion. As major investors, State Treasurers have significant power to influence the outcome of these votes.
JPMorgan Chase is the world’s largest funder of fossil fuels, and Chubb is one of the top insurers of coal, oil, and gas. Without the support of big banks and insurance companies, fossil fuel corporations simply would not have the financing necessary to expand.
That’s why it’s so important that we target big banks and insurance companies in order to protect our communities from the climate crisis. These big banks and insurance companies, in turn, are responsive to their shareholders – and that’s where your State Treasurer comes in.
Shareholders at Citi, Wells Fargo, Bank of America, and Goldman Sachs voted for similar resolutions just last week. Shareholder resolutions aren’t like political elections – you only need 10% to get the companies to start paying attention. These no expansion resolutions got over 11% at all four banks.
But for Chase and Chubb, we think we can go bigger. That’s why we’re ramping up the pressure on State Treasurers this week to vote yes and hold these climate criminals accountable.