Earlier this week, over 1,300 climate scientists delivered a letter to shareholders at JP Morgan Chase demanding that the bank stop funding fossil fuel expansion. The science is clear: in order to avoid the worst climate disasters, banks need to stop funding fossil fuel expansion now.
As the scientists wrote in their open letter, an end to financing for fossil fuel expansion is “no less than what science requires to keep our planet a livable place for current and future generations, including our children and grandchildren.”
Major investors, including pension funds, have an opportunity to hold these banks and insurance companies to account. We need to make sure they do the right thing.
Public pensions are some of the largest investors in Wall Street banks, giving them huge leverage over whether the banks stop financing fossil fuels, or not. Californian state pension funds own $5.4 billion worth of shares in the four largest US banks; the New York Teachers pension alone has $2.4 billion; even the small state of Washington has nearly $2 billion invested in the world’s largest funders of fossil fuels.
Over the past several months, we’ve been increasing the pressure on major investors to do the right thing and vote yes on climate resolutions. Now, 1,300 climate scientists have added their voice.
In solidarity,
– Arielle Swernoff, Stop the Money Pipeline
PS: If you missed the news about 1,300+ scientists calling out JP Morgan Chase – read this article here.
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