Sylvie Willis
Chase Bank, or JPMorgan Chase, has been criticized for its involvement in fossil fuel financing. According to various reports, Chase has consistently been one of the top financiers of fossil fuel companies and expansion projects, contributing billions of dollars to the industry. Despite making some efforts to reduce its funding of coal and Arctic oil and gas projects, Chase continues to face scrutiny from climate activists and organizations for its role in fueling climate change and violating Indigenous rights. With its significant financial contributions to fossil fuel expansion, Chase has become a target for protests and campaigns urging the bank to end its support for the fossil fuel industry.
| Characteristics | Values |
|---|---|
| Chase's rank among fossil fuel financiers | #1 fossil fuel financier in the world in 2023 |
| Amount committed to fossil fuel financing in 2023 | $40.8 billion |
| Rank among fossil fuel expansion financers | #1 fossil fuel expansion financer in 2023 |
| Amount committed to fossil fuel expansion financing in 2023 | $102 billion |
| Rank among financers of fracking | Financed fracking with $6 billion in 2023 |
| Rank among financers of liquefied methane gas (LNG) | Top 5 in 2023 |
| Rank among financers of Arctic oil and gas | Top financer in 2023 |
| Amount committed to Arctic oil and gas financing in 2023 | $122 million |
| Total amount committed to fossil fuel financing since 2015/2016 | $268 billion over 4 years; $270 billion since 2016 |
| Rank among top lenders to oil, gas, and coal | #1 |
| Rank among banks that have invested in fossil fuel companies since the signing of the Paris Agreement | #1 |
| Amount invested in fossil fuel companies since the signing of the Paris Agreement | $2.7 trillion |
| Amount invested in fossil fuel companies since 2016 | Over $1.8 trillion |
| Rank among banks that have made substantial commitments to funding renewable energy | N/A |
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What You'll Learn
- Chase's fossil fuel financing in 2016-2019 was 36% higher than Wells Fargo's
- Chase's $102 billion fossil fuel expansion finance is 43% higher than Citi's
- Chase has financed fossil fuel expansion projects that violate Indigenous rights
- Chase released a new fossil fuel policy in February 2020 due to public pressure
- Chase is the world's worst banker of climate chaos
Chase's fossil fuel financing in 2016-2019 was 36% higher than Wells Fargo's
Chase Bank has been criticized for its financing of fossil fuels and its negative impact on the environment and Indigenous rights. According to the Rainforest Action Network's report "Banking on Climate Chaos," Chase's financing of fossil fuels from 2016 to 2019 was 36% higher than Wells Fargo, the second-placed bank. Chase has invested heavily in fossil fuel expansion projects, such as the Trans Mountain pipeline and the Coastal GasLink pipeline, which have detrimental effects on the environment and violate human rights.
In recent years, Chase has come under increasing scrutiny for its role in contributing to climate change. As of 2020, Chase had invested over a quarter of a trillion dollars into fossil fuels in the last four years, making it the world's worst banker of climate chaos, according to the report. Chase has also been criticized for backing companies that violate Indigenous rights, such as Enbridge, which is trying to build the Line 3 tar sands pipeline despite opposition from impacted Indigenous nations.
In response to public pressure, Chase released a new fossil fuel policy in February 2020, in which it cut back its funding of coal and Arctic oil and gas projects. However, this policy has been criticized as insufficient to address the climate crisis. As of 2023, Chase remains the top fossil fuel financier in the world, committing $40.8 billion to fossil fuel companies.
Overall, Chase's fossil fuel financing from 2016 to 2019 being 36% higher than Wells Fargo highlights the bank's significant contribution to the funding of fossil fuels and its negative impact on the environment and Indigenous rights. While the bank has taken some steps to reduce its funding, it continues to face criticism and calls for more drastic action to address the climate crisis.
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Chase's $102 billion fossil fuel expansion finance is 43% higher than Citi's
JPMorgan Chase has been the top fossil fuel financier in the world for several years, committing $40.8 billion to fossil fuel companies in 2023 and $53.5 billion in 2024. Chase has also been the number one financer of fossil fuel expansion in 2023, with $102 billion in finance for fossil fuel expansion, which is 43% higher than that of Citi, the second-highest financer of fossil fuel expansion. Chase has dumped over a quarter of a trillion dollars into fossil fuels in the last four years alone, continuing to fuel climate destruction.
Since the Paris Agreement, from 2016 to 2023, the world's 60 largest private banks financed fossil fuels with USD $6.9 trillion, with U.S. banks JPMorgan Chase, Citi, Bank of America, Wells Fargo, Goldman Sachs, and Morgan Stanley accounting for over $1.8 trillion. In 2023, banks financed $705 billion in fossil fuel financing, with $347 billion going to top fossil fuel expanders. JPMorgan Chase financed fracking with $6 billion in 2023. The top bankers of 130 companies expanding liquefied methane gas (LNG) in 2023 were Mizuho, MUFG, Santander, RBC, and JPMorgan Chase. Overall finance for liquefied methane increased to $120.9 billion in 2023.
In 2024, U.S. banks committed $289 billion in fossil fuel financing, one-third of the global financing for that year. JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo were the top four U.S. banks in terms of fossil fuel financing that year. In total, banks' fossil fuel finance totaled $869 billion in 2024, a dramatic increase in financing.
Despite some efforts to reduce its funding of fossil fuels, Chase continues to face criticism for its role in financing climate destruction. As the world's worst banker of climate chaos, Chase has been called upon to take responsibility for its actions and make more significant changes to address the climate crisis.
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Chase has financed fossil fuel expansion projects that violate Indigenous rights
JPMorgan Chase has been called out for its role in financing fossil fuel expansion projects that violate Indigenous rights. Since the 2015 Paris Agreement, Chase has invested $268 billion in fossil fuel companies, making it the worst banker of climate chaos. In 2023, Chase committed $40.8 billion to fossil fuel companies, retaining its position as the top fossil fuel financier in the world.
Chase has backed companies like Enbridge, which is attempting to build the Line 3 tar sands pipeline despite opposition from impacted Indigenous nations. Chase is the only bank that finances all four key tar sands expansion companies, including Enbridge's Line 3 pipeline, Teck Frontier Resources Mine, TransCanada's Keystone XL pipeline, and the Trans Mountain pipeline. These projects violate Indigenous rights, including treaty rights, religious rights, and the right to require free, prior, and informed consent for development that impacts Indigenous communities.
Indigenous peoples are at the forefront of movements to protect their lands, waters, and cultural sites from fossil fuel production and infrastructure projects that would lock in decades of fossil fuel expansion. They are experiencing the impacts of climate change first and worst, with climate disasters such as wildfires and flooding claiming lives and destroying Indigenous cultural sites.
Chase's actions contradict its claims of addressing climate change and promoting sustainable development. Despite some efforts to reduce funding for coal and Arctic oil and gas projects, Chase's recent climate policies fall short of preventing a climate crisis that it has fueled for decades. It is time for Chase to take responsibility, respect Indigenous rights, and play a leading role in transitioning away from fossil fuels.
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Chase released a new fossil fuel policy in February 2020 due to public pressure
Chase Bank, or JPMorgan Chase, has been a major financier of fossil fuels. In 2020, it was dubbed the "world's worst banker of climate chaos" by the Rainforest Action Network, having invested over $250 billion in fossil fuels in the previous four years. The bank has funded fossil fuel expansion projects that have harmed the environment and violated human rights, especially Indigenous rights.
Due to public pressure, Chase released a new fossil fuel policy in February 2020. The policy included cutting back on funding for coal and ending financing for Arctic oil and gas projects. The bank also demoted Lee Raymond, a known climate change denier, from his leadership position on the board of directors. While this was a step in the right direction, many felt that it was insufficient to prevent a climate crisis. Chase's new policy fell short of committing to exiting the fossil fuel sector entirely, and the bank continued to finance fossil fuel expansion.
In 2023, JPMorgan Chase was still the world's top fossil fuel financier, providing $40.8 billion to fossil fuel companies. The bank has also financed fracking and liquefied natural gas (LNG) projects, contributing to the degradation of sensitive biomes. Despite its pledges to support clean energy and sustainable projects, Chase's financial support for fossil fuels has continued to dwarf its green initiatives.
Climate activists, Indigenous rights groups, and shareholders have been pressuring Chase to take more meaningful action and align its business with a climate-safe future. As a result, Chase has committed to pushing its clients to align with the goals of the Paris Agreement and work towards global net-zero emissions by 2050. However, this pledge has been criticized as vague and insufficient to address the scale of the climate crisis.
Overall, while Chase Bank has made some concessions to public pressure by releasing a new fossil fuel policy in February 2020, its continued funding of fossil fuel expansion and lack of concrete commitments to phase out fossil fuel financing have drawn widespread criticism.
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Chase is the world's worst banker of climate chaos
Indigenous peoples are among those who experience the impacts of climate change first and worst. They are at the forefront of movements to protect the land, air, and water from fossil fuel production, leading fights against major fossil fuel projects that would mean decades more of fossil fuel expansion. Despite this, Chase has backed companies like Enbridge, which is trying to build the Line 3 tar sands pipeline despite explicit opposition from impacted Indigenous nations. Chase's actions demonstrate a disregard for Indigenous rights and the planet, prioritizing profits over people.
In response to public pressure, Chase released a new fossil fuel policy in February 2020, cutting back its funding of coal and Arctic oil and gas projects. However, this policy falls short of what is needed to address the climate crisis. Chase continues to grow its fossil energy business, with CEO Jamie Dimon's "Marshall Plan" aiming to aggressively increase fossil fuel production and boost profits, further contributing to carbon emissions worldwide.
As a result, Chase has become a target for climate activists, with protests occurring at its branches and headquarters. Activists are calling for Chase to take responsibility for the climate destruction it has fueled and to end its funding of fossil fuels. Chase's actions, or lack thereof, make it clear that it is the world's worst banker of climate chaos.
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Frequently asked questions
Yes, Chase Bank has funded fossil fuels. In 2023, JPMorgan Chase was the top fossil fuel financier in the world, committing $40.8 billion to fossil fuel companies.
According to a 2020 report, JPMorgan Chase has put a total of $268 billion into coal, oil and gas firms in the last four years. Another source states that since the Paris Agreement in 2015, JPMorgan Chase has contributed $2.7 trillion to fossil fuel companies.
Chase has been called the "world's worst banker of climate chaos" by Rainforest Action Network. By funding fossil fuel expansion projects, Chase has contributed to the devastation of the environment and violation of human rights, particularly Indigenous rights.
In February 2020, Chase released a new fossil fuel policy due to pressure from supporters and partners. The bank has cut back its funding of coal and ended its financing of Arctic oil and gas projects. However, Chase's CEO, Jamie Dimon, has been criticized for his "Marshall Plan", which aims to aggressively increase fossil fuel production and boost profits, leading to increased carbon emissions worldwide.
