JP Morgan Chase — the Oil Industry’s Bank of Choice — Will Withdraw Support for Some Fossil Fuels
By Rachel Koning Beals
JP Morgan Chase & Co. will end or phase out loans to some fossil-fuel interests, namely Arctic drilling and coal mining, but the ongoing funding of major oil firms by the world’s largest financier of fossil fuels still chafes environmentalists and shareholder groups.
The bank said at its annual investor day on Tuesday that it will aim to facilitate $200 billion in environmental and economic development deals. It will put restrictions on financing new coal-fired power plants, phase out “credit exposure” to the industry by 2024 and stop funding new oil and gas drilling projects as part of protecting the Arctic National Wildlife Refuge.
Photo courtesy of Steve Taylor.