Youth climate organizers call on shareholders to call out @Chase greenwashing & inadequate climate policies by voting in favor of the proposed resolution to end fossil fuel expansion.
Passing this resolution would mean no more pipelines, mines, refineries, funded by Chase.
We stand in solidarity with all land defenders, water protectors, and organizers fighting the expansion of fossil fuel infrastructure and communities taking action all around the world.
$52.8 billion worth of investment capital just demanded that @Chase stops greenwashing and passes real climate targets.
Thoughts on why this matters: 🧵👇
1/ In 2021, @Chase set 2030 climate targets using a greenwashing trick called “carbon intensity” -- pledging to reduce the “carbon intensity” of the oil & gas firms it finances.
But “carbon intensity” & reductions in “greenhouse gas emissions” are 2 very different things.
2/ Imagine you are the CEO of an oil firm. Your company owns 500 oil wells; it doesn’t own any windmills. Chase gives you a $1 billion loan. You use that loan to buy 100 new oil wells and 50 windmills.
Today, at the annual meeting of @Chase more than $37.9 billion worth of investment capital demanded that the bank stop funding fossil fuel expansion. 🧵
1/ $37.9 billion saying “No more fossil fuel expansion” to @Chase matters. Here’s why:
JPMorgan Chase is the world’s largest funder of fossil fuel expansion, providing nearly $16 billion to finance new coal, oil & gas operations in 2021.
@Chase 2/ Without that funding fossil fuel companies can’t afford to build new tar sands pipelines, fracking wells, or coal plants.
#1: The Trump Administration still hasn’t delivered for American families:
Nearly 25 million Americans are out of work. The administration needs to spend more time helping people and less time prioritizing the needs of oil company CEOs.
#2. Oil companies are in a crisis of their own making:
Oil and gas companies entered the coronavirus crisis over leveraged and saddled with massive debts. The industry’s profitability and share of the economy had already tanked. They got themselves into this mess.