JP Morgan Turns Green
JPMorgan Chase announced its new “sustainability commitment” today after months of intense campaigning by RAN members, activists, and allies around the country. Want to know what they agreed to do? Take a look at the policy and see for yourself (its a PDF folks). Some highlights:
- JPMorgan Chase will convene a financial industry coalition to push the US government for a national global warming policy.
- JPMorgan Chase will add carbon disclosure and mitigation to its regular client review process, asking borrowers to report their climate impacts as a potential liability.
- JPMorgan Chase will initiate “no-go zone” restrictions in lending criteria for areas with high ecological values, where they will finance only preservation/nonextractive projects.
- JPMorgan Chase will support the rights of all indigenous peoples and require full consultation with communities before projects are approved.
As the Global Finance Campaign gains momentum, even the Wall Street Journal notes that “a shift in tactics by the environmental movement is paying off. Green groups have largely failed in efforts to lobby the Bush administration on oil drilling and other issues. So they are pressuring corporations directly, hoping to counter to business activity that could harm the environment.”
Aww, shucks! It’s nice of them to notice.
5 Responses to “JP Morgan Turns Green”
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April 29th, 2005 at 1:51 pm
Yah! I gave a letter to a Bank One in my area. I’m glad they were listening.
April 29th, 2005 at 2:27 pm
Glacier Saver,
Great to hear! Did you know there several hundred individual activists like yourself who were distributing their own letters at the same time? You just got a big thumbs up from my officemate here in San Francisco. Nice job and thanks for getting things goinig in your neck of the woods. Where is that btw?
June 1st, 2005 at 6:13 am
As a JPMorgan-Chase retiree, I am gratified that Chase has taken this position and I will let my contacts there know so.
February 12th, 2006 at 1:32 pm
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