A group of U.S. senators is accusing JPMorgan Chase of backtracking on its environmental commitments, the Guardian reported.
What's happening?
Six U.S. senators, including Senate banking committee member Elizabeth Warren, penned a letter to JPMorgan CEO Jamie Dimon, demanding clarification on the bank's climate commitments. Concerns regarding the bank's intentions started to arise in early 2024 when Dimon announced a policy shift that suggested a weakening of environmental goals.
"If JPMorgan Chase has misled investors and the public, both Congress and regulators have a range of tools to respond as necessary," Senator Warren said, per the Guardian.
According to the publication, the megabank is the world's biggest investor in dirty fuels, financing over $430 billion in this sector since 2016.
Why is the investment in dirty energy concerning?
Dirty energy — coal, oil, and natural gas — is responsible for more than 75% of planet-warming pollution, per the United Nations. As our planet heats up, we can expect to see more frequent and severe weather disasters that put human life in danger and destroy homes and communities. Meanwhile, hotter weather puts people at risk of heat-related illnesses, while increased drought threatens our food and water supply.
We are already seeing the effects of a warming world. For instance, Northern and Central China are suffering from months of prolonged drought and extreme heat, which is putting strain on farmers. Meanwhile, scientists say rising global temperatures make extreme flooding events in Brazil twice as likely to occur.
What's being done about a warming planet?
While many big banks are backtracking on climate commitments, educating yourself about greenwashing can help you make savvy decisions about which companies you want to support.
Plus, some countries and cities are trying to reduce their planet-warming pollution. For instance, India is placing solar panels over its canals to increase access to clean energy while also conserving space and water. Plus, a New York law will require ride-sharing services (like Lyfts and Ubers) to be electric vehicles by 2030.
You can help out and save money by taking simple actions to reduce your carbon pollution. Some ideas include signing up for community solar, adjusting your thermostat higher or lower (depending on the season) when away from home, and switching to a heat pump or heat pump water heater.
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