PROVIDENCE – JPMorgan Chase & Co. continues to lead banks across the world in financing for the fossil fuel industry, according to a new report.
The 2020 Banking on Climate Change report published earlier this month by a coalition of environmental organizations shows JPMorgan Chase provided more than $64.9 billion in financing to the fossil fuel industry in 2019, retaining the No. 1 spot among 35 global banks included in the report for the fourth consecutive year. By comparison, the bank with the second-most fossil fuel funding, Wells Fargo & Co., spent $45.2 billion in 2019.
The report comes a month after JPMorgan Chase the bank announced at its annual investor day plans to 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.
However, environmental groups, including local activists with Climate Action Rhode Island, continue to criticize and stage protests against JPMorgan Chase for its fossil fuel lending practices.
In a statement following the release of the new report, Brian Wilder, Climate Action Rhode Island organizer, said the group will continue to “target and pressure Chase Bank in Rhode Island … until it commits to stop funding new fossil fuel projects, to phase out current fossil fuel projects and to use those funds to bankroll the badly needed renewable energies.”
Nancy Lavin is a staff writer for PBN. Contact her at Lavin@PBN.com.
