JP Morgan Provides $41 Billion In Fossil Fuel Loans.

According to the Banking on Climate Chaos “Fossil Fuel Finance Report 2024”, “The 60 biggest banks globally committed $705 billion to companies conducting business in fossil fuels in 2023, bringing the total since the Paris agreement to $6.9 trillion.

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One bank was the largest lender by far. “In 2023, JPMorgan Chase ranks #1 as the worst financier of fossil fuels. The bank increased its financing from $38.7 billion in 2022 to $40.8 billion in 2023.” Since 2016, the JP Morgan figure was $431 billion.

What About Policy?

Under the “Who Are We” section of the JPMorgan Chase & Co. website, the company says, “Environmental, social and governance (ESG) considerations are integrated into the policies and principles that govern our business and reflect our commitment to inclusive, sustainable growth.” Like many large companies, JPMorgan has a statement about its position regarding climate change that differs from its practice. This is particularly pronounced in the fossil fuel industry.

The question is whether the bank will change its practices. The answer is probably “no.” It is publicly held, and many investors and management do not think they are in the business of saving the environment.

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