WASHINGTON, D.C. – More than three dozen climate advocacy groups today sent a letter to JPMorgan Chase & Co. CEO Jamie Dimon questioning his call for a domestic energy “Marshall Plan” to thwart European dependence on Russian oil and gas at a recent meeting with Biden administration officials.
The letter comes as the JP Morgan Chase CEO releases his annual letter to shareholders, where he reiterates his call for increasing domestic energy production and exporting it to Europe.
“Lobbying for fossil fuel expansion, including expanded liquefied natural gas (LNG) facilities, pits JPMorgan Chase’s short-term, profit-driven interests against the safety and stability of a world facing an unfolding climate crisis,” write the groups in the letter. “Your proposal is not only a bad idea for the climate, it is financially unsound and risks further expanding the market’s ‘carbon bubble.’”
JPMorgan Chase provided Russian oil conglomerate Gazprom with nearly $4.7 billion in financing between 2016 and 2021. JPMorgan Chase recently announced that it would pull out of operations in Russia, yet in recent years it has stood out as the largest funder of Gazprom among the world’s 60 biggest banks.
“Your continued bankrolling of the fossil fuel industry and request for oil and gas expansion disregard the immense human, ecological, economic, and societal costs our world already faces as a result of climate change,” the letter states. “A transition away from fossil fuels is inevitable. It’s time to correct your course and stop digging JPMorgan Chase’s own stranded-asset hole.”