Activists Rally Outside JPMorgan Chase ‘Investor Day’ Calling On Investors to Move The Bank Out of Tar Sands
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New York, NY – Activists rallied outside JPMorgan Chase’s headquarters on February 27, 2018; at the bank’s annual ‘Investor Day.’ Groups ranging from Rainforest Action Network, the American Indian Community House and Sane Energy Project demanded that the bank defund tar sands, one of the dirtiest fossil fuels on the planet.
“By funding tar sands JPMorgan Chase is driving climate change, environmental disaster, and human rights abuses, and we want their investors to know that unless they push Chase to get out of the sector, they are wholly complicit,” said Tess Geyer, Climate and Energy Organizer at Rainforest Action Network. “It’s an industry on its way out, and it’s incompatible with a stable climate. Why is JPMorgan Chase still banking it?”
JPMorgan Chase is the top US funder of extreme fossil fuels, which include tar sands, Arctic oil, ultra-deepwater oil, coal mining, coal power, and liquefied natural gas (LNG) exports. Its role in funding tar sands is particularly egregious. From the start of 2014 to the end of September 2017, JPMorgan Chase pumped $8.4 billion into the largest tar sands extraction and pipeline companies such as Cenovus, Canadian Natural Resources, Transcanada and Kinder Morgan. This is more than twice the tar sands funding of any other US bank.
“We want Jamie Dimon, the CEO of JP Morgan Chase, to hear us loud and clear: We stand in alliance with frontline nations against the abuse that he invests in with the tar sands extraction and transport process,” said Kim Fraczek, Director of Sane Energy Project. “The violations against all of our health, safety and democracy are visible, and there is a growing swell of people calling for accountability of his corporation to halt their investments in tar sands that are creating a planet that is unable to sustain life.”
“Extraction of oil from tar sands requires the devastating contamination of land, water and food systems, often in direct violation of our fundamental treaty rights and our very way of life,” said Rick Chavolla, Board Chair at the American Indian Community House and member of the Kumeyaay Nation. “Indigenous people stand with all people against this filthy industry financed by JP Morgan Chase and fellow banks.”
Rainforest Action Network preserves forests, protects the climate and upholds human rights by challenging corporate power and systemic injustice through frontline partnerships and strategic campaigns.
Sane Energy Project works to hasten a rapid and just transition to renewable energy through grassroots momentum that calls for a rethinking of our energy system from the bottom up to move to 100% equitable and community-led renewables.
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