NYTimes:

“Climate Change? Follow the Money”

NYTimes By Lennox Yearwood Jr. and 

“..the money inside the vaults of banks like Chase is driving the climate crisis. Cutting off that flow of cash may be the single quickest step we can take to rein in the fossil fuel industry and slow the rapid warming of the earth.

JPMorgan Chase lent over $195 billion to gas and oil companies.

For comparison, Wells Fargo lent over $151 billion, Citibank lent over $129 billion and Bank of America lent over $106 billion. Since the Paris climate accord, which 195 countries agreed to in 2015, JPMorgan Chase has been the world’s largest investor in fossil fuels by a 29 percent margin…

There are few financial institutions untouched by these climate change-causing investments. Amalgamated BankAspiration and Beneficial State Bank are notable exceptions. Local credit unions rarely have major investments in fossil fuels…

..It makes sense to go after the other center of power, too: the vast financial empire centered in our country. Insurance companies like Liberty Mutual and asset managers like BlackRock have also, through their investments in fossil fuels, enabled climate chaos.”

 

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