Posted on 02/24/2020 6:44:59 PM PST by yesthatjallen
JPMorgan Chase announced Monday that it is planning to end loans to companies pursuing fossil fuel drilling in the Arctic Circle, according to reports.
The Washington Post reported that the bank said that it will soon complete a 2017 commitment to help fund $200 billion in projects to help meet the U.N.'s sustainable development goals, as well as $50 billion for "green initiatives."
The bank also plans to phase out all existing and future loans to the coal industry by 2024, and end the financing of oil and gas extraction projects in the Arctic, a region vulnerable to the effects of climate change.
JPMorgan will continue, however, to do business with coal companies that have alternative revenue streams, a move that along with its decision to continue supporting fossil fuel projects in the mainland U.S. drew criticism from environmental advocates.
It seems like weak beer to me, basically just copying Goldman, Bill McKibben, a Middlebury College professor of environmental studies and a vocal advocate for divestment from fossil fuels, told the Post. But it shows that even the biggest bank on Earth feels citizen pressure, so we will keep supplying that!
SNIP
(Excerpt) Read more at thehill.com ...
NATIONALIZE them.
A new market opens
Banks are financial utilities, backstopped by the government. They should serve all legal businesses.
Stupidity abounds in every sector. This kind of thinking is the Coronavirus of progressivism. When these phonies accelerate their notes on beach front properties AND quit lending to such properties, then I’ll be a ‘believer’!
You’d almost have to have a mental disorder to do what they are doing.
I probably should be worried that the cartoon turned me on
Time to find another bank. Good bye Chase. First flaunting the rainbow flag in June, and now this.
Someone else will step up and be glad for the business.
JPMorgan will continue, however, to do business with coal companies that have alternative revenue streams, a move that along with its decision to continue supporting fossil fuel projects in the mainland U.S. drew criticism from environmental advocates.
End the bailout protection—let them virtue signal on their own dime!
NATIONALIZE them.
thats a real winner of an idea. /sarc
Nationalizing industries is what Bernie wants to do. all that the government Hass to do is fine them, Christ!
Drillers will have to chase their money elsewhere.
The big banks are effectively nationalized by the Left anyway, given the regulations they work under - and the way they answer to the Leftists, even when the Leftists do not have power (such as in this case).
So, NATIONALIZE THEM, and let Trump give them the orders.
They should go full-blast against the oil and coal industries.
They should stop all loans for cars and trucks and all forms of transportation and home heating. Otherwise, they’re being highly hypocritical.
Stop the consumption, and the source industries die.
And they wonder why I cut up my Chase Card.
Sounds like a class action about to tear a hole in Chase and sink it forever.
Turn their lights off first.
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