JPMorgan Chase Commended for New Policies and Commitments to Address Climate Crisis
Arctic National Wildlife Refuge, Alaska
Mason Cummings, TWS
JPMorgan Chase decision is a necessary first step in preserving the health of people and planet and protecting treasured landscapes like the Arctic Refuge
WASHINGTON, DC (February 25, 2020) – In another example of growing corporate action to address the climate crisis, JPMorgan Chase today announced a new energy policy that rules out financing for new oil and gas development in the Arctic, including the Arctic National Wildlife Refuge, and provides $200 billion in funding to support climate action. With this decision, the company becomes the largest funder of fossil fuels in the world to publicly state it no longer wishes pursue risky Arctic oil and gas exploration.
In response, The Wilderness Society released the following statement from President Jamie Williams:
“Today’s announcement from JPMorgan Chase is a welcome step in the right direction and highlights increasing corporate sentiment that business as usual when it comes to oil and gas development is no longer possible. In the face of a climate crisis, we have an obligation to address policies that contribute to the climate problem and destroy treasured places like the Arctic Refuge. We can no longer sacrifice our future for the promise of short-term financial gains, and we should certainly not exploit public lands for private gains.
I am grateful for the grassroots efforts that helped spur today’s announcement and especially want to recognize Indigenous leaders who continue to speak out to protect landscapes like the Arctic Refuge. It is commitments like these that can begin to transform how we view public lands and how corporations invest in our shared future.”
JPMorgan Chase joins a growing number of financial institutions rejecting development in the Arctic Refuge. More than a dozen of the world’s largest banks have made similar commitments, and more recently, investors representing nearly $113 billion in assets warned dozens of drilling and mining companies not to move into public lands that the Trump administration has opened for extraction, including the Arctic Refuge.
Contact: Edit Ruano, (530) 305-9427, edit_ruano@tws.org
The Wilderness Society is the leading conservation organization working to protect wilderness and inspire all people to care for our wild places. Founded in 1935, and now with more than one million members and supporters, The Wilderness Society has led the effort to permanently protect 111 million acres of wilderness and to ensure sound management of our shared national lands. www.wilderness.org.
