Sign your name to this letter to JP Morgan Chase CEO Jamie Dimon and co-Presidents Daniel Pinto and Gordon Smith, urging them to align the Bank’s financing plans for fossil fuels with the targets set by the IPPC for limiting global warming increase to 1.5°C.
Read the letter pasted below and sign your name using this form. We will add your information and send the letter on March 30.
DATE (to be added when mailed)
Jamie Dimon, CEO
Daniel Pinto, co-President
Gordon Smith, co-President
JPMorgan Chase & Co
383 Madison Avenue
New York City, NY 10179
Dear Mr. Dimon,
Your leadership is required if the world is to limit global warming. Bank financing of the fossil fuel industry must be drastically reduced if we have any hope of limiting the increase in the average global temperature to the IPCC’s recommended 1.5°C. Matching Goldman Sach’s commitment to stop all financing for oil and gas drilling and exploration in the Arctic as well as phasing out financing for coal mining by 2024, while most welcome, is not enough. JP Morgan Chase needs to synchronize its financing plans for the fossil fuel industry with the IPCC targets for limiting global warming to 1.5°C and these plans need to be made public.
As a first step JP Morgan Chase should cease financing for the following unnecessary and harmful projects:
1) Commit now to no new financing for pipelines for oil and natural gas. There has been great opposition to the Keystone XL Pipeline for oil and the Atlantic Pipeline for natural gas because they would do more harm than good. As more states commit to reducing their use of oil and gas these and other new pipelines are unnecessary. They will be used mostly for increasing exports, yet our streams, aquifers, wetlands and drinking water will be damaged.
2) Commit now to no new oil sands financing in Canada or the US. Oil sands are frequently described as the dirtiest fossil fuel, therefore the one that should be stopped first.
3) Commit now to no new financing for oil and gas exploration or drilling in or near national parks and national forests. The federal government is currently failing to protect our public parks, monuments and forests. All of us, corporations included, must work harder to protect our national public lands. These are our carbon sinks vital for reducing global warming and our homes for wildlife vital for preventing mass species extinction.
4) Commit now to no new financing for coal power plants as well as no new financing for coal mines.
To quote your bank’s recent climate report of 1/14/20: the “Earth is on an unsustainable trajectory…We can not rule out catastrophic outcomes where human life as we know it is threatened.” This report relied on IPCC and IMF forecasts and yet warned that their estimates of the likely health and economic costs of climate change were substantially underestimated for several reasons. For one they didn’t take into account the possibility of an increase in the number of natural disasters, yet this number has been increasing for several years.
Our federal leaders are failing to protect us from climate change and to protect nature from overdevelopment. Please provide the leadership our country so sorely needs and develop and implement a policy to rapidly reduce financing for the fossil fuel industry. This would benefit your stockholders and customers as well as the nation.
[List of names]