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New York, NY (July 18, 2023) – Using stunning projections on prominent buildings in the heart of NYC, Greenpeace USA cast a spotlight on the detrimental climate impact of Bitcoin investments by financial giants JPMorgan Chase & Co. (Chase) and BlackRock. The display painted the NYC skyline with images of BlackRock CEO Larry Fink and Chase CEO Jamie Dimon donning red laser eyes, similar to the profiles of Bitcoin maximalists. Accompanying this visual spectacle, Greenpeace USA presented an array of facts and figures, shedding light on the undeniable climate impact associated with Bitcoin. This escalation follows the recent release of the report, Investing in Bitcoin’s Climate Pollution: Big Finance is Betting on Dirty Bitcoin,” and highlights the urgent need for change.
The Greenpeace USA report, published just days ago, exposes the financial institutions driving Bitcoin’s climate destruction. It reveals that BlackRock, Chase, and other major players such as Fidelity, Vanguard, CitiGroup, Goldman Sachs, Visa, Mastercard, and American Express have collectively invested a staggering $1.5 billion in Bitcoin mining. By facilitating broader use of Bitcoin and offering Bitcoin-backed investment products, these companies are also accelerating the growth of Bitcoin emissions, which already rival those of countries like Sweden. This directly contradicts these financial institutions’ climate commitments.
Bitcoin, referred to as a “climate bomb,” consumes energy at an alarming scale. The majority of this energy is derived from fossil fuels like coal and gas. Shockingly, coal-fired power plants that were slated for closure have been kept open or even reopened to power Bitcoin mining operations.The projections serve as a visual reminder of the critical issue at hand and demand immediate action from Chase and BlackRock.
Joshua Archer, Greenpeace USA Bitcoin Campaign Lead said: “Every scientific report makes clear that we need to rapidly transition away from fossil fuels if we’re going to keep our planet habitable. But influential financial leaders BlackRock and Chase are setting us back years in our urgent need to transition to renewable energy. The images we cast onto the New York City skyline are intended to hold these companies accountable for the impact their Bitcoin bets are having on climate and communities. We hope the financial services industry will engage with us to clean up Bitcoin and build a just and green future for all.”
Greenpeace USA invites the public to join the movement and support the organization’s efforts to urge Bitcoin to adopt significantly less-energy intensive practices. The projections serve as a rallying cry, urging BlackRock, JP Morgan Chase, and other financial institutions to take immediate action.
Contact: Gigi Singh, Greenpeace USA Senior Communications Specialist, [email protected], 631-404-9977
Greenpeace USA is part of a global network of independent campaigning organizations that use peaceful protest and creative communication to expose global environmental problems and promote solutions that are essential to a green and peaceful future. Greenpeace USA is committed to transforming the country’s unjust social, environmental, and economic systems from the ground up to address the climate crisis, advance racial justice, and build an economy that puts people first. Learn more at www.greenpeace.org
