World’s worst banker of climate change under fire for its massive financing of fossil fuels and Line 3 pipeline.
Saint Paul –– As the newest Chase branch in Minnesota opened its doors for the first time, activists and students from Macalester College staged a rally and “die-in” in the lobby, demanding that the world’s worst banker of climate change defund fossil fuels. The action follows a blitz of demonstrations across the country this year targeting Chase Bank; from Chicago to New York, to Seattle, to Los Angeles, to San Francisco.
‘’Chase bank, which is opening a branch right by my school, has chosen to invest in dangerous and unsustainable fossil fuel infrastructure projects like the Line 3 oil pipeline, leaving my generation to clean up their environmental consequences,” said Andrew Vrabel Miles, a 23 year old senior at nearby Macalester College.
According to data from Rainforest Action Network’s Banking on Climate Change 2019 report, since the Paris Agreement, JPMorgan Chase has provided $196 billion in finance for fossil fuels. Chase is the world’s worst funder of fossil fuels and the world’s worst funder of fossil fuel expansion –– by a large margin. Additionally, Chase is one of several banks currently lending to three different active Enbridge pipeline-related loans, totaling approx. $5.4 billion.
“We are taking action today because Chase needs to be held accountable for its outsized role in the climate crisis,” said Ethan Nuss with Rainforest Action Network. “Our very future is contingent on an immediate end to the expansion of fossil fuel extraction and infrastructure. We won’t stop taking action until Chase takes real tangible action on climate.”