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The Reality Behind JP Morgan’s ‘Net Zero’: Billions Flow to Big Oil
Assume you are an existing JP Morgan (JPM) customer, or you are interested in the bank’s sustainable-investment strategy. Googling the words “sustainable” and “JP Morgan” will bring up a number of blog posts from the JPM website, along with others on specialised media outlets that relay the company’s press releases. One article published on the […]
The article was followed by a video in which an external speaker explained how the company plans to advance clean energy solutions, contribute to sustainable development, and help drive a “stronger, more inclusive” economy. Elsewhere on JP Morgan’s website, under the rubric “How we’re making an impact,”, one can read: “Leveraging our expertise and balance sheet, we aim to provide strategic advice and financing solutions to help our clients achieve their decarbonisation goals.” However, J.P. Morgan’s stewardship report tells a different story: “We have […] prioritised engaging with demand-side companies (i.e. users of fossil fuels), as we deem this to be a more effective way of mitigating climate-related transition risks and ensuring investment returns in these cases.”
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