jpmorgan chase
US financial giants pull out of environmental standards initiative
Big American banks have exited the Equator Principles, reflecting a troubling retreat from environmental and social risk management in project financing.
In short:
- The Equator Principles, guiding risk management in projects with environmental and social impacts, have lost key U.S. banks including Citi, Bank of America, JPMorgan Chase, and Wells Fargo.
- This withdrawal has sparked outrage among climate activists, criticizing the banks for neglecting fundamental climate and human rights obligations.
- As U.S. banks backtrack on climate commitments, regulatory pressure rises against institutions endorsing 'woke capitalism', influencing corporate environmental strategies.
Key quote:
"It is becoming increasingly apparent these banks do not care about anything other than the bottom line."
— Richard Brooks, climate finance director at Stand.earth
Why this matters:
The exodus of major banks from the Equator Principles signals a shift in the financial industry's approach to climate change and could undermine the well-being of communities directly impacted by financed projects. This development counters broader national trends toward responsible investing, with potential long-term health and environmental consequences.
Be sure to read Pete Myers’ piece about how economics and environmental issues are so intertwined.
West Virginia punishes banks that it says don’t support coal
The move to exclude financial institutions from state business is part of a growing effort by Republican officials to shut out companies that are backing away from fossil fuels.
Republicans threaten Wall Street over climate positions
Jamie Dimon pitches WH on 'Marshall Plan' for energy resources
JPMorgan chief executive Jamie Dimon urged the White House to increase America’s energy independence — and proposed that it launch a “Marshall Plan” to build out domestic energy resources.
Big banks’ trillion-dollar finance for fossil fuels ‘shocking’, says report
Coal, oil and gas firms have received $3.8tn in finance since the Paris climate deal in 2015.