Safety Valve: Letters from readers


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Bank acting irresponsibly

JPMorgan Chase reports it’s facilitating $200 billion in clean financing through 2025 and will convert their offices to be 100% reliant on renewable energy by 2020 – good news, But it ranks No. 3 in the world’s worst banks according to the 2018 Fossil Fuel Finance Report Card.

It’s the biggest backslider in the U.S., (2nd in the world) since they made the biggest increases in financing extreme fossil fuels from 2016 to 2017. These include: extreme oil (tar sands, Arctic, and ultra-deepwater oil); coal mining and power; and liquefied natural gas (LNG) export.

It’s the No. 1 financier of ultra-deepwater oil globally; No. 1 in U.S. for Arctic oil (No. 6 globally); No. 2 in US for LNG export (No. 4 globally); No. 3 in US for coal mining (No. 9 globally). In 2016 Chase announced new prohibitions on financing for coal mining/coal power and financed $35.4 million, in 2017, $654.2 million. It’s No. 1 in US for tar sands (No. 3 globally), financing $1.74 billion in 2016 and in 2017, $7.33 billion.

A bank that facilitates tar sands pipelines opposed by the Treaty Alliance (unified opposition from 122 Indigenous tribes and First Nations) has no grounds to call itself socially responsible, or claim it is committed to upholding Indigenous rights. It’s time to demand Chase stop funding climate chaos and Indigenous rights abuses.

Building pipelines, LNG terminals, and other extreme fossil fuel infrastructure locks us into regressive, outdated and disastrous energy production. It takes us backward in efforts to transition to clean energy technology.

Fossil fuel projects don’t need just governmental approval to advance their planet-warming plans, they also need money. Complicated financial products and services must not come at the expense of our climate, ecosystems, and human rights.

This is why we are protesting in front of Chase bank. Other banks are getting the message – not Chase!

Jeanne Poirier