Chair and CEO
JPMorgan Chase & Co.
270 Park Ave.
New York, NY 10017
To Mr. Dimon:
JPMorgan Chase is the world’s leading banker of climate change, by a huge margin. The undersigned organizations and individual supporters, representing millions of supporters from around the world, call on your bank to stop financing expansion of fossil fuels, and commit to phasing out funding of fossil fuels in time to limit climate change to 1.5°C.
As we write, communities across the United States and around the globe are facing the devastating effects of climate change, in the form of wildfires, hurricanes, droughts and floods. Indigenous people are disproportionately on the front lines of impacts from, and resistance to, both climate change and fossil fuel extraction and infrastructure. Last year’s historic report from the Intergovernmental Panel on Climate Change shows that while the effects of 1.5°C of warming are dire, 2°C of warming is vastly worse; keeping global warming below 1.5°C requires cutting carbon emissions by almost half by 2030, and to effectively zero by 2050. Potential emissions from oil, gas and coal already in production take the world well beyond 2°C, so we need an immediate end to the expansion of fossil fuel extraction and infrastructure.
You have stressed that you support the Paris Agreement. But JPMorgan Chase’s activities are antithetical to the goals of keeping global warming below 1.5°C and fully respecting human and Indigenous rights:
- Since the Paris Agreement was adopted, JPMorgan Chase has been the world’s biggest banker of fossil fuels overall, with financing nearly 30% higher than the #2 bank.
- Since the Paris Agreement was adopted, JPMorgan Chase has been the world’s biggest banker of the 100 top companies expanding fossil fuels, with financing nearly 70% higher than the #2 bank.
- Since the Paris Agreement was adopted, JPMorgan Chase has been the world’s #1 banker of Arctic oil and gas, ultra-deepwater oil and gas, and liquefied natural gas, the #2 banker of fracked oil and gas, and the #3 banker of tar sands.
- Since the Paris Agreement was adopted, JPMorgan Chase has financed projects and companies that have failed to respect human and Indigenous rights, including Indigenous peoples’ rights to their water and lands, and the right to free, prior and informed consent.
JPMorgan Chase must do its part to realize the goals of the Paris Agreement, which calls for finance to be “consistent with a pathway toward low greenhouse gas emissions.” We call on your bank to align with this call and to announce that:
- JPMorgan Chase will immediately stop financing expansion of fossil fuel extraction and infrastructure.
- JPMorgan Chase commits to phase out fossil fuel finance on a timeline compatible with limiting climate change to 1.5°C.
- JPMorgan Chase will immediately stop financing projects and companies that fail to respect human and Indigenous rights, including Indigenous peoples’ rights to their water and lands, and the right to free, prior and informed consent.
In the coming years, today’s leaders will be judged first and foremost by what they did — or didn’t do — to address climate change. As you plan your succession, in what you have said will be your final years as head of the world’s biggest fossil bank, you face a clear choice. You can forge a legacy as the person who steered the banking sector away from its current path of driving the world toward disaster. Or you can continue with business as usual, and write yourself into history as the bank CEO who did the most to drive the climate crisis.
For our communities and a stable climate,
Senior Climate Organizer
Rainforest Action Network