JPMorgan Chase is ignoring human rights, Indigenous rights, and climate change consequences — all for the sake of one of the dirtiest forms of oil on the planet.
Tell Peter Scher, Head of Corporate Responsibility at JPMorgan Chase, to defund tar sands pipelines like Keystone XL and Trans Mountain!
[Photo: Activists organized by Mazaska Talks and 350 Seattle shut down 12 JPMorgan Chase branches in Seattle to demand the defunding of the Keystone XL pipeline.]
Dear Peter Scher:
JPMorgan Chase is facing two major tests of its policies on Indigenous rights and climate change — whether to fund TransCanada (the company behind the Keystone XL pipeline) and Kinder Morgan (the company behind the Trans Mountain pipeline).
These pipelines threaten Indigenous rights and our shared climate.
They threaten Indigenous rights because their routes cross First Nations and tribal land — threatening local communities’ water and land. The companies proposing them have failed to secure the Free, Prior and Informed Consent of the impacted Native peoples. Especially in the wake of funding the Dakota Access Pipeline, funding further violations of Indigenous rights and human rights abuses would be a black mark on JPMorgan Chase’s record.
These pipelines would massively drive climate change, putting the goals of the Paris agreement in grave danger. Keystone XL and Trans Mountain would enable expanded extraction of tar sands — one of the dirtiest, most carbon-intensive forms of oil. According to recent analysis, any expansion of fossil fuel infrastructure would take global warming past 1.5 degrees. Stopping expansion of tar sands, one of the most climate-destructive forms of oil, is a top priority.
Kinder Morgan is currently raising the C$7.4 billion they need to construct Trans Mountain, via an initial public offering and C$5.5 billion in new credit facilities. TransCanada is also in the process of issuing C$1 billion worth of bonds.
In light of your commitments on Indigenous rights and climate change, I urge you to refrain from participation in any of these transactions.