PROVIDENCE – Amid criticism from environmentalists and shareholder groups, JPMorgan Chase & Co. announced plans to end or phase out loans to some fossil fuel projects on Feb. 25, various news outlets reported.
But local activists with Climate Action Rhode Island, who have staged several protests in front of JPMorgan’s two Rhode Island branches, say it’s not enough.
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A 2019 report from a coalition of environmental organizations named JPMorgan Chase the world’s top financer of fossil fuel industries, leading over No. 2 Wells Fargo by more than $40 billion.
At its annual investor day on Feb. 25, the bank announced it will finance $200 billion in environmental and economic-development deals, while restricting loans for new coal-fired power plants and stopping funding for new oil- and gas-drilling projects in the Arctic.
In a statement, Climate Action Rhode Island called for the bank to also rule out funding for Arctic gas and oil exploration, as well as other companies behind new coal plants and gas and oil companies outside the Arctic. The group also said the company should remove former Exxon-Mobil Chairman Lee Raymond from its board.
Brian Wilder, leader of Climate Action Rhode Island, said the group still plans to protest at existing branches and the additional ones planned to open in Rhode Island this year. He described the company’s plans as “good changes” but ones with a relatively small effect on the bank’s overall fossil fuel spending.
Nancy Lavin is a staff writer for the PBN. Contact her at Lavin@PBN.com.
