Thread by @StopMoneyPipe

$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.

You now own 100 additional oil wells, right?

3/ This means you are digging up & burning more oil than ever before; your overall contributions to climate change have gone up significantly. 🛢️

4/ But because you are now also profiting from wind power, the “carbon intensity” of your company has gone down ― a trick that enables your company to simultaneously cause more damage to the climate and meet @Chase’s greenwashed climate targets.

5/ Today’s shareholder resolution called for @Chase to set climate targets using, you know, actual emissions reductions targets, not greenwashed “carbon intensity” targets.

And $52.8 billion worth of investment capital supported the resolution. That’s huge.

Why?

6/ Because @Chase might not give a shit about you or us or the planet. But it does care about its investors, the people who literally own it.

7/ The resolution only got 12.5% of the vote & the media will report on this as a defeat for those who care about preventing climate chaos. But shareholder votes are not election votes. It’s not 51% you win; 49% you lose.

When $52.8 billion talks, companies tend to listen. 🤑

8/ Now, it’s up to all of us to keep up the pressure in every way we can to make sure that @Chase follows up and passes real climate targets, not empty greenwashing promises.

#StopTheMoneyPipeline