These 33 Banks Fund Climate Change
33 banks, led by JPMorgan Chase, have financed fossil fuels to the tune of $1.9 trillion since 2016. They have spent over $600 billion to expand the use of fossil fuels. The world is on fire, and they’re funding more gasoline.
JPMorgan Chase leads the chase to the bottom. They are — across the board — the world’s top financier of climate change. Now, part of this underwriting can’t just be stopped without giving the global economy a heart attack. However, it’s really about trade-offs, and pricing in risk over time.
The fact is that a $20 trillion heart-attack this decade is still preferable to the $551 trillion death that 3 degrees of warming can cause. And that is where all these investments lead. The money they are spending will cause a catastrophic rise in temperatures and untold destruction across the Earth. That’s the ROI for the rest of us.
To make it clear, we can earn $20 now but it will cost us $550 later. And banks are choosing to make this bet, perhaps because the cost falls outside of their bonus cycle, and someone else is…
