JP Morgan Tops List of Biggest Coal Financiers

Photo by nrdc_media. Some rights reserved.

In a study published last week by BankTrack.org (a watchdog organization that tracks the operations of corporations in all walks of the private financial sector), in tandem with like-minded environmental organizations from South Africa and Germany, JP Morgan Chase topped a list of twenty banks (of a total sample pool of 93 banks) who were calculated to be the biggest financial contributors to the coal industry and coal-based energy. The study shows that JP Morgan Chase has invested 16,540 million euros in coal since 2005, with Citi Bank and Bank of America trailing with 13,751 and 12,590 million euro figures, respectively.

“We chose to look into coal financing as coal-fired power plants are the biggest source of man-made CO2 emissions and the major culprit in the drama of climate change,” says Heffa Schuecking of German environmental group urgewald, who contributed to the study. “In spite of the fact that climate change is already having severe impacts on the most vulnerable societies, there is an abundance of plans to build new coal-fired power plants. If banks provide money for these projects, they will wreck all attempts to limit global warming to 2° Celsius.”

JP Morgan Chase CEO Jamie Dimon has been vocal in the past about his and his company’s support of clean energy and their concerns over global warming. Yet, JP Morgan finances several mountaintop removal companies, mostly based in the southeastern United States, that do irreparable damage once the mountain has been blown to the surrounding environment, in order to expose the coal hidden within. You can read more about this practice, its environmental damage, and JP Morgan Chase’s involvement in the whole thing, at Mother Jones.

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