“JPMorgan Chase Takes Baby Step Toward Curbing Fossil Fuel Loans”

“JPMorgan Chase, one of the world’s biggest lenders to fossil fuel projects, announced Monday that it would curb loans to coal firms and bar the financing of oil and gas developments in the Arctic.

But in a move that disappointed climate activists, JPMorgan will still provide loans to oil and gas projects in the Lower 48 states or other parts of the world.

The bank has increasingly become a target of activists, who have denounced it for providing $196 billion in financing for coal, oil, natural gas and pipeline projects from 2016 through 2018, following the Paris climate accord. Among American banks, JPMorgan was the top financier of oil and gas drilling in the Arctic and of tar sands extraction in Canada during that three-year period.”

Steven Mufson and Dino Grandoni report for the Washington Post February 24, 2020.

SEE ALSO:

“How JPMorgan Chase Became the Doomsday Bank” (Rolling Stone)