User:S5lewis13/Business action on climate change

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The company is the biggest investor in fossil fuels in the world, therefore many try to persuade it to take climate action. In 2017 the company committed to giving 200 billion dollars to clean finance by 2025 and take 100% of its energy from renewables by the end of 2020. It expects to reach both targets. In 2020 the company pledged to give 200 billion to support climate action and reaching Sustainable Development Goals in the year 2020, expand the restriction on investment in coal and stop investment in arctic oil and gas drilling, create a more sustainable investment portfolio, join the climate action 100+ coalition. It did not pledge to stop investments in tar sands, fracking and other fossil fuels, in fact JP Morgan spent nearly $200 billion between 2016 and 2018 on fossil fuel.

In October 2020 JPMorgan Chase declared that it begun to work on achieving carbon neutrality by 2050.

Despite its promises to reduce emissions, JPMorgan Chase still has invested heavily in fossil fuels. In 2021 they invested around $62 billion USD in fossil fuels. This brings JPMorgan Chase to a total of nearly $382 billion USD invested in fossil fuels since 2016. There has been some green project investments, but they are a third of the revenue the banking firm has made from fossil fuels.

In light of the IPCC 2022 report climate scientists took action and protested fossil fuel investments on a global scale. In LA Climate Scientists chose the JP Morgan building due to JPMorgan Case heavy investment in fossil fuels. These scientists were met with a swarm of police and later arrested after chaining themselves to the front doors and blocking the entrance.