Which financial institution has no prohibitions for funding dirty oil projects?
* Hint: The answer is C
Jamie Dimon is talking strategy to investors today, but his own company continues to invest in some of the dirtiest and most abusive oil pipelines on the planet. If you see him, let him know the strategic move would be to cease financing tar sands oil projects and ETP.
In 2017, while cities, companies, and even other banks1 doubled down on urgent efforts to fight climate change, JPMorgan Chase financed more the $7 billion of tar sands oil development, one of the most carbon-intensive types of oil.2
Chase also continues to lend to Energy Transfer Partners (ETP) and related companies, the company behind the controversial Dakota Access Pipeline.3 Following the peaceful, Indigenous-led movement at Standing Rock, ETP went on to sue Greenpeace and others in a racketeering case designed to silence protest. The Special Rapporteur for the UN on the Right to Freedom of Assembly, Maina Kiai, said that “the excessive use of State security apparatus to suppress protest against corporate activities that are alleged to violate human rights is wrong and contrary to the UN Guiding Principles on Business and Human Rights.” This statement was endorsed by six other UN special experts.4
Resistance to oil pipelines is growing around the world. Continued investments in tar sands projects or ETP is the opposite of a strategic decision.
If you see Jamie Dimon today, please let him know.
Stop funding tar sands oil projects and ETP.
1. HSBC, BNP Paribas, and ING all have policies to restrict funding to tar sands projects.
2. https://www.ran.org/bankingonclimatechange2018#data-panel
3. https://fintel.io/soh/us/etp/jpmorgan-chase-
4. Specifically, the Special Rapporteur on indigenous peoples, Victoria Tauli-Corpuz; the Special Rapporteur on cultural rights, Karima Bennoune; the Special Rapporteur on the issue of human rights obligations relating to the enjoyment of a safe, clean, healthy and sustainable environment, John Knox; the Special Rapporteur on the promotion and protection of the right to freedom of opinion and expression, Michel Forst; the Special Rapporteur on the human rights to safe drinking water and sanitation, Léo Heller; and the current Chair of the UN Working Group on the issue of human rights and transnational corporations and other business enterprises, Pavel Sulyandziga.